Assets
| Type | Time | Amount | Unit |
|---|
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/81206422/amNsb3VkczovLzAzLzM3LzllL2Q3LzY0L2NkNDQtNDU1Zi1hMGQ3LWQyYTNjOGMwNTIwMg.xml
Separator
The full data:
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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: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:AddressOfReportingEntityCountryIdentificationCode contextRef="duration_CY_only">DK</gsd:AddressOfReportingEntityCountryIdentificationCode><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">2019-01-01</gsd:ReportingPeriodStartDate><gsd:ReportingPeriodEndDate contextRef="duration_CY_only">2019-12-31</gsd:ReportingPeriodEndDate><gsd:PrecedingReportingPeriodStartDate contextRef="duration_CY_only">2018-01-01</gsd:PrecedingReportingPeriodStartDate><gsd:PredingReportingPeriodEndDate contextRef="duration_CY_only">2018-12-31</gsd:PredingReportingPeriodEndDate><gsd:DateOfGeneralMeeting contextRef="duration_CY_only">2020-05-27</gsd:DateOfGeneralMeeting><gsd:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="duration_CY_only">Lars Christensen</gsd:NameAndSurnameOfChairmanOfGeneralMeeting><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardDimension_cmn_memberOfBoardIdentifier_only_1">Lars Christensen </cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardDimension_cmn_memberOfBoardIdentifier_only_2">Jacob Balslev Meldgaard </cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardDimension_cmn_memberOfBoardIdentifier_only_3">Susanne Lynggaard Jensen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardDimension_cmn_memberOfBoardIdentifier_only_4">Kim Balle </cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardDimension_cmn_memberOfBoardIdentifier_only_5">Lars Bjørn Rasmussen </cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardDimension_cmn_memberOfBoardIdentifier_only_6">Rasmus Johannes Skaun Hoffmann</cmn:NameAndSurnameOfMemberOfSupervisoryBoard><cmn:TitleOfMemberOfSupervisoryBoard contextRef="duration_CY_IdentificationOfMemberOfSupervisoryBoardDimension_cmn_memberOfBoardIdentifier_only_1">Chairman </cmn:TitleOfMemberOfSupervisoryBoard><cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="duration_CY_IdentificationOfMemberOfExecutiveBoardDimension_cmn_memberOfBoardIdentifier_only_1">Jacob Balslev Meldgaard</cmn:NameAndSurnameOfMemberOfExecutiveBoard><cmn:NameOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">DELOITTE Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm><cmn:NameOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">DELOITTE Statsautoriseret Revisionspartnerselskab</cmn:NameOfAuditFirm><gsd:AddressOfAuditorStreetName contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">Weidekampsgade </gsd:AddressOfAuditorStreetName><gsd:AddressOfAuditorStreetName contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">Weidekampsgade </gsd:AddressOfAuditorStreetName><gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">6</gsd:AddressOfAuditorStreetBuildingIdentifier><gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">6</gsd:AddressOfAuditorStreetBuildingIdentifier><gsd:AddressOfAuditorPostCodeIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">2300</gsd:AddressOfAuditorPostCodeIdentifier><gsd:AddressOfAuditorPostCodeIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">2300</gsd:AddressOfAuditorPostCodeIdentifier><gsd:AddressOfAuditorDistrictName contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">København S</gsd:AddressOfAuditorDistrictName><gsd:AddressOfAuditorDistrictName contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">København S</gsd:AddressOfAuditorDistrictName><gsd:AddressOfAuditorCountryIdentificationCode contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">DK</gsd:AddressOfAuditorCountryIdentificationCode><gsd:AddressOfAuditorCountryIdentificationCode contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">DK</gsd:AddressOfAuditorCountryIdentificationCode><cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">33963556</cmn:IdentificationNumberCvrOfAuditFirm><cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">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 the Board of Directors have today considered and adopted the Annual Report of TORM A/S for the financial year 1 January - 31 December 2019.<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 2019 of the Company and of the results of the Companyâs operations for 2019.<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">2020-05-27</sob:DateOfApprovalOfAnnualReport><arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="duration_CY_only">TO THE SHAREHOLDER OF TORM A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements><arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="duration_CY_only">Opinion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements><arr:OpinionOnAuditedFinancialStatements contextRef="duration_CY_only">We have audited the financial statements of TORM A/S for the financial year 1 January 2019 - 31 December 2019, 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 Statements Act.<br/><br/>In our opinion, the financial statements give a true and fair view of the Entityâs financial position at 31 December 2019 and of the results of its operations for the financial year 1 January 2019 - 31 December 2019 in accordance with the Danish Financial Statements Act.</arr:OpinionOnAuditedFinancialStatements><arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="duration_CY_only">Basis for Opinion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements><arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="duration_CY_only">We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable 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 material 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 exercise 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 sufficient 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, intentional 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 preparing the financial statements, and, based on the audit evidence obtained, whether a material un-certainty 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 disclosures 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 assurance conclusion thereon.<br/><br/>In connection with our audit of the financial statements, our responsibility is to read the management review and, in doing 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">2020-05-27</arr:SignatureOfAuditorsDate><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">Kim Takata Mücke</cmn:NameAndSurnameOfAuditor><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">Anette Primdahl Jakobsen</cmn:NameAndSurnameOfAuditor><cmn:DescriptionOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">State-Authorised Public Accountant</cmn:DescriptionOfAuditor><cmn:DescriptionOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">State-Authorised Public Accountant</cmn:DescriptionOfAuditor><cmn:IdentificationNumberOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">mne10944</cmn:IdentificationNumberOfAuditor><cmn:IdentificationNumberOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">mne45854</cmn:IdentificationNumberOfAuditor><mrv:ManagementsReview contextRef="duration_CY_only">MAIN ACTIVITY<br/>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.<br/><br/>DEVELOPMENT IN THE YEAR<br/>In 2019, TORM successfully navigated a volatile product tanker market that was impacted by the refining industryâs preparations for the IMO 2020 sulfur regulation. TORMâs results in 2019 were enhanced by our strong operational focus and our focus on maintaining efficient operations and a low cost base. TORM has again in 2019 delivered TCE earnings at the top end of what comparable industry players delivered. This has been achieved in a period, where 17 vessels have been taken out of service to have scrubbers installed.<br/><br/>Please refer to the 2019 Annual Report for TORM plc for further explanations. <br/><br/>THE PAST YEAR AND FOLLOW-UP ON DEVELOPMENT EXPECTATIONS FROM LAST YEAR<br/>The development since last year was above expectations.<br/><br/> <br/>EXPECTATIONS FOR THE YEAR AHEAD <br/>The global COVID-19 pandemic severely impacts the global oil market and the product tanker industry. This is leading to material uncertainties and lack of visibility related to the global demand for transportation of refined oil products.<br/><br/>A consequence of the current uncertainties related to the outlook, TORM has decided to suspend the 2020 guidance on expectations pending more clarity on the market development and financial implications. <br/><br/>Please refer to note 13 for further elaboration on the impact of COVID-19 on the financial statements.<br/><br/>CORRECTION OF COMPARISON FIGURES<br/>Comparison figures in 2018 for Equity and IC balances as well as Income from investments in subsidiaries have been adjusted, compared with the Annual report 2018, as dividends from subsidiaries were recognized before final adoption.<br/><br/>Please refer to description under Accounting policies.<br/><br/> <br/>ENVIRONMENT AND CLIMATE PERFORMANCE<br/>Within the shipping industry, marine pollution constitutes the largest environmental risk. It is therefore a key priority for TORM to avoid pollution of the seas and the atmosphere. <br/><br/>Throughout 2019, TORM continued to have a strong and dedicated focus on reducing fuel consumption, and the efforts made within this area have generated a positive result.<br/><br/>As in previous years, TORMâs Operational Performance team shares the performance of each vessel with the respective vessel managers and vessels on a monthly basis. </mrv:ManagementsReview><mrv:DescriptionOfSignificantEventsOccurringAfterEndOfReportingPeriod contextRef="duration_CY_only">Towards the end of January 2020, the product tanker market softened from strong levels, negatively impacted by the global outbreak of the COVID-19. It is not possible to reliably estimate the length or severity of this outbreak and hence its financial impact.<br/><br/>No other events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.</mrv:DescriptionOfSignificantEventsOccurringAfterEndOfReportingPeriod><mrv:StatementOfCorporateSocialResponsibility contextRef="duration_CY_only">The Companyâs policies for corporate social responsibility, as well as climate policies, are described in the 2019 Annual Report for TORM plc and on TORMâs homepage: <br/>http://www.torm.com/csr-at-torm.</mrv:StatementOfCorporateSocialResponsibility><mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="duration_CY_only">http://www.torm.com/csr-at-torm</mrv:LinkToStatementOfCorporateSocialResponsibility><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.<br/><br/>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. For further information on TORMâs Business Principles, please visit: http://www.torm.com/about-torm. <br/><br/>The Company has a target for the diversity of the Companyâs shareholder-appointed members of the Board of Directors with respect to the under-represented gender. The target is for females to constitute at least 20% of the shareholder-appointed members of the Board of Directors. As of 31 December 2019, the target has been reached.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender><fsa:DisclosureOfAccountingPolicies contextRef="duration_CY_only">The Annual Report of TORM A/S for 2019 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 2019 are presented in USD â000.<br/><br/>Changes in accounting policies<br/>There have been no changes in the accounting policies in 2019 compared to 2018.<br/><br/>Recognition and measurement<br/>Revenues are recognized in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities 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 previously 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 effective 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/>US Dollar is used as the measurement and presentation currency. All other currencies are regarded as foreign currencies.<br/><br/>The used USD/DKK exchange rate at 31 December 2019 is 667.6 (2018: 651.4).<br/><br/>Comparison figures in 2018 for Equity and Intercompany Payables as well as Income from investments in subsidiaries have been adjusted compared to the reported financial statements 2018, as suggested dividends from subsidiaries were recognized before final adoption. The effect of the corrections made amounted to USD -86.6m for opening balance of Equity 2018, USD â 4.1m for income from investments in subsidiaries in 2018, and USD -90.7m for closing balance of Equity 2018. The adjustments did not have any tax effects.<br/><br/>The figures in financial highlights have been updated accordingly.<br/><br/>Translation policies<br/>Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising 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, respectively.<br/><br/>Changes in the fair values of derivative financial instruments that are designated and qualify as hedges of expected future transactions are recognized in retained earnings under equity as regards the effective portion of the hedge. The ineffective 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.<br/><br/>Changes in the fair value of derivative financial instruments that are not designated as hedges are recognized in the income statement. While effectively reducing cash flow risk in accordance with the Companyâs risk management policy, certain forward freight agreements and forward contracts regarding bunker purchases do not qualify for hedge accounting. Changes in fair value of these derivative financial instruments are therefore recognized in the income statement under âFinancial incomeâ or âFinancial expensesâ for interest rate swaps with cap features, under âRevenueâ for forward freight agreements and under âPort expenses, bunkers and commissionsâ for forward bunker contracts.</fsa:DisclosureOfAccountingPolicies><fsa:InformationOnOmissionOfConsolidatedFinancialStatement contextRef="duration_CY_only">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.</fsa:InformationOnOmissionOfConsolidatedFinancialStatement><fsa:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIncomeStatementItems contextRef="duration_CY_only">Revenue<br/>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 bunker 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 expenses 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/reversal of impairment<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/>Reversal of impairment losses is recognized if the recoverable amount exceeds the previously impaired carrying amount in the same line item as the previously impairment was recognized.<br/><br/>Income from investments in subsidiaries<br/>Income from investments in subsidiaries comprises dividends received from subsidiaries as well as gain or losses on sale of interests in subsidiaries.<br/><br/>Financial income<br/>Financial income comprises interest income, including interests from cash pool, realized and unrealized exchange rate gains relating to transactions in currencies 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 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. 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 investments and securities, unrealized losses from securities and other financial expenses including value adjustments of certain 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 and capitalized dry-docking<br/>Vessels are measured at cost less accumulated depreciation and accumulated impairment losses. Cost comprises acquisition cost and costs directly related to the acquisition up until the time when the asset is ready for use, including interest expenses incurred during the period of construction based on the loans obtained for the vessels. All major components 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/>Approximately every 30 and 60 months, depending on the nature of work and external requirements, the vessels are required to undergo planned dry-dockings for replacement of certain components, major repairs and major maintenance of other components, which cannot be carried out while the vessels are operating. These dry-docking costs are capitalized and depreciated on a straight-line basis over the estimated period until the next dry-docking. The residual value of such components is estimated at nil. The useful life of the dry-docking costs is reviewed at least at each financial year-end based on market conditions, regulatory requirements and TORMâs business plans.<br/><br/>A portion of the cost of acquiring a new vessel is allocated to the components expected to be replaced or refurbished at the next dry-docking. Depreciation hereof is carried over the period until the next dry-docking. For newbuildings, the initial dry-docking asset is estimated based on the expected costs related to the first-coming dry-docking, which again is based on experience and past history of similar vessels. For second-hand vessels, a dry-docking asset is also segregated and capitalized separately, taking into account the normal docking intervals of the vessels.<br/><br/>For subsequent dry-dockings, the costs comprise the actual costs incurred at the dry-docking yard. Dry-docking costs may include the cost of hiring crews to carry out replacements and repairs, the cost of parts and materials used, cost of travel, lodging and supervision of Company personnel as well as the cost of hiring third-party personnel to oversee a dry-docking. Dry-docking activities include, but are not limited to, the inspection, service on turbo-charger, replacement of shaft seals, service on boiler, replacement of hull anodes, applying of anti-fouling and hull paint, steel repairs as well as refurbishment and replacement of other parts of the vessel.<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 depreciated on a straight-line basis over five years.<br/><br/>Leasehold improvements are measured at cost less accumulated amortization and impairment losses, and lease-hold improvements 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 the lower of cost and estimated net realizable value and classified as "fixed assets". Dividends are recognized under âIncome from investments in subsidiaries", and any impairment losses are classified under âImpairment/reversal of impairment of investments in subsidiariesâ.<br/><br/>The carrying amount of investments in subsidiaries is increased to its estimated net realizable value which, however, cannot exceed cost, if there have been changes in the estimates used to determine the net realizable value since the last impairment loss was recognized. <br/><br/>Reversal of impairment losses on investments in subsidiaries is recognized in âImpairment/reversal of impairment of investments in subsidiariesâ.<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 ventures 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 discontinues recognizing its share of further losses, unless 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 âIncome/(loss) from joint venturesâ.<br/><br/>Impairment of assets<br/>Non-current assets are reviewed at least annually 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 immediately in the income statement. If 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 and time charter and bareboat contracts are grouped at the lowest levels at which impairment is monitored for internal management purposes. In 2019 and 2018, there was only one cash generating unit â the Tanker segment.<br/><br/>Bunkers<br/>Bunkers and lube oil 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 lube oil and delivery cost less discounts.<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/>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 the 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 substantially 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/>Lease liabilities<br/>At the time of borrowing, lease liabilities are measured at fair value less transaction costs. Lease liabilities 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/>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 income statement except when it relates to other comprehensive income items.<br/><br/>Other liabilities<br/>Liabilities are generally measured at amortized cost. 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unitRef="USD">39000000</fsa:InvestmentInPropertyPlantAndEquipment><fsa:InvestmentInPropertyPlantAndEquipment contextRef="duration_3Y_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only" decimals="-6" unitRef="USD">52000000</fsa:InvestmentInPropertyPlantAndEquipment><fsa:InvestmentInPropertyPlantAndEquipment contextRef="duration_4Y_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only" decimals="-6" unitRef="USD">187000000</fsa:InvestmentInPropertyPlantAndEquipment><fsa:Equity contextRef="instant_CY_only" decimals="-3" unitRef="USD">623534000</fsa:Equity><fsa:Equity contextRef="instant_LY_RetrospectiveInformationDimension_cmn_PreviousYearMember_only" decimals="-6" unitRef="USD">354000000</fsa:Equity><fsa:Equity contextRef="instant_2Y_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only" decimals="-6" unitRef="USD">114000000</fsa:Equity><fsa:Equity contextRef="instant_3Y_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only" decimals="-6" unitRef="USD">94000000</fsa:Equity><fsa:Equity contextRef="instant_4Y_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only" decimals="-6" unitRef="USD">1270000000</fsa:Equity><fsa:Equity contextRef="instant_LY_only" decimals="-3" unitRef="USD">353946000</fsa:Equity><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_only_1">Time charter equivalent earnings (TCE)</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_PreviousYearMember_only_1">Time charter equivalent earnings (TCE)</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only_1">Time charter equivalent earnings (TCE)</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only_1">Time charter equivalent earnings (TCE)</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only_1">Time charter equivalent earnings (TCE)</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_only_2">Total fixed assets</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_PreviousYearMember_only_2">Total fixed assets</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only_2">Total fixed assets</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only_2">Total fixed assets</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only_2">Total fixed assets</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_only_21">TCE</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_PreviousYearMember_only_21">TCE</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only_21">TCE</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only_21">TCE</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only_21">TCE</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_only_22">Gross profit</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_PreviousYearMember_only_22">Gross profit</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only_22">Gross profit</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only_22">Gross profit</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only_22">Gross profit</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_only_23">EBITDA</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_PreviousYearMember_only_23">EBITDA</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only_23">EBITDA</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only_23">EBITDA</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only_23">EBITDA</mrv:NameOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatioMonetary contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_only_1" decimals="-6" unitRef="USD">425000000</mrv:ValueOfKeyFigureOrFinancialRatioMonetary><mrv:ValueOfKeyFigureOrFinancialRatioMonetary contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_PreviousYearMember_only_1" decimals="-6" unitRef="USD">352000000</mrv:ValueOfKeyFigureOrFinancialRatioMonetary><mrv:ValueOfKeyFigureOrFinancialRatioMonetary contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only_1" decimals="-6" unitRef="USD">397000000</mrv:ValueOfKeyFigureOrFinancialRatioMonetary><mrv:ValueOfKeyFigureOrFinancialRatioMonetary contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only_1" decimals="-6" unitRef="USD">450000000</mrv:ValueOfKeyFigureOrFinancialRatioMonetary><mrv:ValueOfKeyFigureOrFinancialRatioMonetary contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only_1" decimals="-6" unitRef="USD">428000000</mrv:ValueOfKeyFigureOrFinancialRatioMonetary><mrv:ValueOfKeyFigureOrFinancialRatioMonetary contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_only_2" decimals="-6" unitRef="USD">1257000000</mrv:ValueOfKeyFigureOrFinancialRatioMonetary><mrv:ValueOfKeyFigureOrFinancialRatioMonetary contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_PreviousYearMember_only_2" decimals="-6" unitRef="USD">930000000</mrv:ValueOfKeyFigureOrFinancialRatioMonetary><mrv:ValueOfKeyFigureOrFinancialRatioMonetary contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only_2" decimals="-6" unitRef="USD">1172000000</mrv:ValueOfKeyFigureOrFinancialRatioMonetary><mrv:ValueOfKeyFigureOrFinancialRatioMonetary contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only_2" decimals="-6" unitRef="USD">1082000000</mrv:ValueOfKeyFigureOrFinancialRatioMonetary><mrv:ValueOfKeyFigureOrFinancialRatioMonetary contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only_2" decimals="-6" unitRef="USD">2159000000</mrv:ValueOfKeyFigureOrFinancialRatioMonetary><mrv:OperatingMargin contextRef="duration_CY_only" decimals="3" unitRef="pure">-0.063</mrv:OperatingMargin><mrv:OperatingMargin contextRef="duration_LY_RetrospectiveInformationDimension_cmn_PreviousYearMember_only" decimals="3" unitRef="pure">-0.185</mrv:OperatingMargin><mrv:OperatingMargin contextRef="duration_2Y_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only" decimals="3" unitRef="pure">-0.087</mrv:OperatingMargin><mrv:OperatingMargin contextRef="duration_3Y_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only" decimals="3" unitRef="pure">-0.201</mrv:OperatingMargin><mrv:OperatingMargin contextRef="duration_4Y_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only" decimals="3" unitRef="pure">0.144</mrv:OperatingMargin><mrv:EquityRatio contextRef="duration_CY_only" decimals="3" unitRef="pure">0.378</mrv:EquityRatio><mrv:EquityRatio contextRef="duration_LY_RetrospectiveInformationDimension_cmn_PreviousYearMember_only" decimals="3" unitRef="pure">0.306</mrv:EquityRatio><mrv:EquityRatio contextRef="duration_2Y_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only" decimals="3" unitRef="pure">0.084</mrv:EquityRatio><mrv:EquityRatio contextRef="duration_3Y_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only" decimals="3" unitRef="pure">0.077</mrv:EquityRatio><mrv:EquityRatio contextRef="duration_4Y_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only" decimals="3" unitRef="pure">0.541</mrv:EquityRatio><mrv:ReturnOnEquity contextRef="duration_CY_only" decimals="3" unitRef="pure">0.555</mrv:ReturnOnEquity><mrv:ReturnOnEquity contextRef="duration_LY_RetrospectiveInformationDimension_cmn_PreviousYearMember_only" decimals="3" unitRef="pure">1.028</mrv:ReturnOnEquity><mrv:ReturnOnEquity contextRef="duration_2Y_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only" decimals="3" unitRef="pure">1.091</mrv:ReturnOnEquity><mrv:ReturnOnEquity contextRef="duration_3Y_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only" decimals="3" unitRef="pure">-1.304</mrv:ReturnOnEquity><mrv:ReturnOnEquity contextRef="duration_4Y_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only" decimals="3" unitRef="pure">4.088</mrv:ReturnOnEquity><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_only_21" decimals="3" unitRef="pure">0.614</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_PreviousYearMember_only_21" decimals="3" unitRef="pure">0.554</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only_21" decimals="3" unitRef="pure">0.604</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only_21" decimals="3" unitRef="pure">0.675</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only_21" decimals="3" unitRef="pure">0.683</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_only_22" decimals="3" unitRef="pure">0.077</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_PreviousYearMember_only_22" decimals="3" unitRef="pure">-0.048</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only_22" decimals="3" unitRef="pure">0.052</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only_22" decimals="3" unitRef="pure">-0.092</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only_22" decimals="3" unitRef="pure">0.200</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_only_23" decimals="3" unitRef="pure">0.003</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_PreviousYearMember_only_23" decimals="3" unitRef="pure">-0.126</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only_23" decimals="3" unitRef="pure">-0.014</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only_23" decimals="3" unitRef="pure">-0.153</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only_23" decimals="3" unitRef="pure">0.147</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:InformationOnCalculationOfKeyFiguresAndFinancialRatios contextRef="duration_CY_only">The ratios have been prepared in accordance with the âRecommendations & Financial Ratiosâ issued by the Danish Society of Financial Analysts.</mrv:InformationOnCalculationOfKeyFiguresAndFinancialRatios><fsa:OtherOperatingIncome contextRef="duration_CY_only" decimals="-3" unitRef="USD">-2275000</fsa:OtherOperatingIncome><fsa:OtherOperatingIncome contextRef="duration_LY_only" decimals="-3" unitRef="USD">236000</fsa:OtherOperatingIncome><fsa:AdministrativeExpenses contextRef="duration_CY_only" decimals="-3" unitRef="USD">33535000</fsa:AdministrativeExpenses><fsa:AdministrativeExpenses contextRef="duration_LY_only" decimals="-3" unitRef="USD">31846000</fsa:AdministrativeExpenses><fsa:OtherExternalExpenses contextRef="duration_CY_only" decimals="-3" unitRef="USD">267484000</fsa:OtherExternalExpenses><fsa:OtherExternalExpenses contextRef="duration_LY_only" decimals="-3" unitRef="USD">283024000</fsa:OtherExternalExpenses><fsa:ExternalExpenses contextRef="duration_CY_only" decimals="-3" unitRef="USD">202668000</fsa:ExternalExpenses><fsa:ExternalExpenses contextRef="duration_LY_only" decimals="-3" unitRef="USD">205947000</fsa:ExternalExpenses><fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss contextRef="duration_CY_only" decimals="-3" unitRef="USD">43058000</fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss><fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss contextRef="duration_LY_only" decimals="-3" unitRef="USD">37786000</fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss><fsa:OtherOperatingExpenses contextRef="duration_CY_only" decimals="-3" unitRef="USD">186869000</fsa:OtherOperatingExpenses><fsa:OtherOperatingExpenses contextRef="duration_LY_only" decimals="-3" unitRef="USD">193695000</fsa:OtherOperatingExpenses><fsa:IncomeFromInvestmentsInGroupEnterprises contextRef="duration_CY_only" decimals="-3" unitRef="USD">161858000</fsa:IncomeFromInvestmentsInGroupEnterprises><fsa:IncomeFromInvestmentsInGroupEnterprises contextRef="duration_LY_only" decimals="-3" unitRef="USD">394971000</fsa:IncomeFromInvestmentsInGroupEnterprises><fsa:IncomeFromInvestmentsInJointVentures contextRef="duration_CY_only" decimals="-3" unitRef="USD">-439000</fsa:IncomeFromInvestmentsInJointVentures><fsa:IncomeFromInvestmentsInJointVentures contextRef="duration_LY_only" decimals="-3" unitRef="USD">15000</fsa:IncomeFromInvestmentsInJointVentures><fsa:OtherFinanceIncomeFromGroupEnterprises contextRef="duration_CY_only" decimals="-3" unitRef="USD">182693000</fsa:OtherFinanceIncomeFromGroupEnterprises><fsa:OtherFinanceIncomeFromGroupEnterprises contextRef="duration_LY_only" decimals="-3" unitRef="USD">-10832000</fsa:OtherFinanceIncomeFromGroupEnterprises><fsa:OtherFinanceIncome contextRef="duration_CY_only" decimals="-3" unitRef="USD">2928000</fsa:OtherFinanceIncome><fsa:OtherFinanceIncome contextRef="duration_LY_only" decimals="-3" unitRef="USD">1194000</fsa:OtherFinanceIncome><fsa:OtherFinanceExpenses contextRef="duration_CY_only" decimals="-3" unitRef="USD">31601000</fsa:OtherFinanceExpenses><fsa:OtherFinanceExpenses contextRef="duration_LY_only" decimals="-3" unitRef="USD">25921000</fsa:OtherFinanceExpenses><fsa:ProfitLossFromOrdinaryActivitiesBeforeTax contextRef="duration_CY_only" decimals="-3" unitRef="USD">271775000</fsa:ProfitLossFromOrdinaryActivitiesBeforeTax><fsa:ProfitLossFromOrdinaryActivitiesBeforeTax contextRef="duration_LY_only" decimals="-3" unitRef="USD">241905000</fsa:ProfitLossFromOrdinaryActivitiesBeforeTax><fsa:TaxExpense contextRef="duration_CY_only" decimals="-3" unitRef="USD">319000</fsa:TaxExpense><fsa:TaxExpense contextRef="duration_LY_only" decimals="-3" unitRef="USD">832000</fsa:TaxExpense><fsa:OtherInvestmentAssets contextRef="instant_CY_only" decimals="-3" unitRef="USD">285302000</fsa:OtherInvestmentAssets><fsa:OtherInvestmentAssets contextRef="instant_LY_only" decimals="-3" unitRef="USD">70150000</fsa:OtherInvestmentAssets><fsa:FixturesFittingsToolsAndEquipment contextRef="instant_CY_only" decimals="-3" unitRef="USD">2985000</fsa:FixturesFittingsToolsAndEquipment><fsa:FixturesFittingsToolsAndEquipment contextRef="instant_LY_only" decimals="-3" unitRef="USD">2208000</fsa:FixturesFittingsToolsAndEquipment><fsa:PrepaymentsForPropertyPlantAndEquipment contextRef="instant_CY_only" decimals="-3" unitRef="USD">14517000</fsa:PrepaymentsForPropertyPlantAndEquipment><fsa:PrepaymentsForPropertyPlantAndEquipment contextRef="instant_LY_only" decimals="-3" unitRef="USD">0</fsa:PrepaymentsForPropertyPlantAndEquipment><fsa:PropertyPlantAndEquipment contextRef="instant_CY_only" decimals="-3" unitRef="USD">302804000</fsa:PropertyPlantAndEquipment><fsa:PropertyPlantAndEquipment contextRef="instant_LY_only" decimals="-3" unitRef="USD">72358000</fsa:PropertyPlantAndEquipment><fsa:LongtermInvestmentsInGroupEnterprises contextRef="instant_CY_only" decimals="-3" unitRef="USD">952800000</fsa:LongtermInvestmentsInGroupEnterprises><fsa:LongtermInvestmentsInGroupEnterprises contextRef="instant_LY_only" decimals="-3" unitRef="USD">857768000</fsa:LongtermInvestmentsInGroupEnterprises><fsa:OtherLongtermInvestments contextRef="instant_CY_only" decimals="-3" unitRef="USD">1171000</fsa:OtherLongtermInvestments><fsa:OtherLongtermInvestments contextRef="instant_LY_only" decimals="-3" unitRef="USD">77000</fsa:OtherLongtermInvestments><fsa:LongtermInvestmentsAndReceivables contextRef="instant_CY_only" decimals="-3" unitRef="USD">953971000</fsa:LongtermInvestmentsAndReceivables><fsa:LongtermInvestmentsAndReceivables contextRef="instant_LY_only" decimals="-3" unitRef="USD">857845000</fsa:LongtermInvestmentsAndReceivables><fsa:NoncurrentAssets contextRef="instant_CY_only" decimals="-3" unitRef="USD">1256775000</fsa:NoncurrentAssets><fsa:NoncurrentAssets contextRef="instant_LY_only" decimals="-3" unitRef="USD">930203000</fsa:NoncurrentAssets><fsa:Inventories contextRef="instant_CY_only" decimals="-3" unitRef="USD">35239000</fsa:Inventories><fsa:Inventories contextRef="instant_LY_only" decimals="-3" unitRef="USD">39620000</fsa:Inventories><fsa:ShorttermTradeReceivables contextRef="instant_CY_only" decimals="-3" unitRef="USD">84228000</fsa:ShorttermTradeReceivables><fsa:ShorttermTradeReceivables contextRef="instant_LY_only" decimals="-3" unitRef="USD">82918000</fsa:ShorttermTradeReceivables><fsa:ShorttermReceivablesFromGroupEnterprises contextRef="instant_CY_only" decimals="-3" unitRef="USD">268587000</fsa:ShorttermReceivablesFromGroupEnterprises><fsa:ShorttermReceivablesFromGroupEnterprises contextRef="instant_LY_only" decimals="-3" unitRef="USD">47757000</fsa:ShorttermReceivablesFromGroupEnterprises><fsa:OtherShorttermReceivables contextRef="instant_CY_only" decimals="-3" unitRef="USD">4107000</fsa:OtherShorttermReceivables><fsa:OtherShorttermReceivables contextRef="instant_LY_only" decimals="-3" unitRef="USD">6430000</fsa:OtherShorttermReceivables><fsa:DeferredIncomeAssets contextRef="instant_CY_only" decimals="-3" unitRef="USD">2752000</fsa:DeferredIncomeAssets><fsa:DeferredIncomeAssets contextRef="instant_LY_only" decimals="-3" unitRef="USD">2037000</fsa:DeferredIncomeAssets><fsa:CashAndCashEquivalents contextRef="instant_CY_only" decimals="-3" unitRef="USD">0</fsa:CashAndCashEquivalents><fsa:CashAndCashEquivalents contextRef="instant_LY_only" decimals="-3" unitRef="USD">50574000</fsa:CashAndCashEquivalents><fsa:CurrentAssets contextRef="instant_CY_only" decimals="-3" unitRef="USD">394913000</fsa:CurrentAssets><fsa:CurrentAssets contextRef="instant_LY_only" decimals="-3" unitRef="USD">229336000</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:RestOfOtherReserves contextRef="instant_CY_only" decimals="-3" unitRef="USD">5896000</fsa:RestOfOtherReserves><fsa:RestOfOtherReserves contextRef="instant_LY_only" decimals="-3" unitRef="USD">5896000</fsa:RestOfOtherReserves><fsa:OtherReserves contextRef="instant_CY_only" decimals="-3" unitRef="USD">-848000</fsa:OtherReserves><fsa:OtherReserves contextRef="instant_LY_only" decimals="-3" unitRef="USD">2933000</fsa:OtherReserves><fsa:RetainedEarnings contextRef="instant_CY_only" decimals="-3" unitRef="USD">476540000</fsa:RetainedEarnings><fsa:RetainedEarnings contextRef="instant_LY_only" decimals="-3" unitRef="USD">203171000</fsa:RetainedEarnings><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:LongtermMortgageDebt contextRef="instant_CY_only" decimals="-3" unitRef="USD">278171000</fsa:LongtermMortgageDebt><fsa:LongtermMortgageDebt contextRef="instant_LY_only" decimals="-3" unitRef="USD">380264000</fsa:LongtermMortgageDebt><fsa:LongtermLeaseCommitments contextRef="instant_CY_only" decimals="-3" unitRef="USD">139597000</fsa:LongtermLeaseCommitments><fsa:LongtermLeaseCommitments contextRef="instant_LY_only" decimals="-3" unitRef="USD">0</fsa:LongtermLeaseCommitments><fsa:LongtermLiabilitiesOtherThanProvisions contextRef="instant_CY_only" decimals="-3" unitRef="USD">417768000</fsa:LongtermLiabilitiesOtherThanProvisions><fsa:LongtermLiabilitiesOtherThanProvisions contextRef="instant_LY_only" decimals="-3" unitRef="USD">380264000</fsa:LongtermLiabilitiesOtherThanProvisions><fsa:ShorttermMortgageDebt contextRef="instant_CY_only" decimals="-3" unitRef="USD">55174000</fsa:ShorttermMortgageDebt><fsa:ShorttermMortgageDebt contextRef="instant_LY_only" decimals="-3" unitRef="USD">66823000</fsa:ShorttermMortgageDebt><fsa:ShorttermDebtToOtherCreditInstitutions contextRef="instant_CY_only" decimals="-3" unitRef="USD">11588000</fsa:ShorttermDebtToOtherCreditInstitutions><fsa:ShorttermDebtToOtherCreditInstitutions contextRef="instant_LY_only" decimals="-3" unitRef="USD">0</fsa:ShorttermDebtToOtherCreditInstitutions><fsa:ShorttermTradePayables contextRef="instant_CY_only" decimals="-3" unitRef="USD">44911000</fsa:ShorttermTradePayables><fsa:ShorttermTradePayables contextRef="instant_LY_only" decimals="-3" unitRef="USD">34862000</fsa:ShorttermTradePayables><fsa:ShorttermPayablesToGroupEnterprises contextRef="instant_CY_only" decimals="-3" unitRef="USD">408240000</fsa:ShorttermPayablesToGroupEnterprises><fsa:ShorttermPayablesToGroupEnterprises contextRef="instant_LY_only" decimals="-3" unitRef="USD">252240000</fsa:ShorttermPayablesToGroupEnterprises><fsa:ShorttermTaxPayables contextRef="instant_CY_only" decimals="-3" unitRef="USD">504000</fsa:ShorttermTaxPayables><fsa:ShorttermTaxPayables contextRef="instant_LY_only" decimals="-3" unitRef="USD">22000</fsa:ShorttermTaxPayables><fsa:OtherShorttermPayables contextRef="instant_CY_only" decimals="-3" unitRef="USD">32891000</fsa:OtherShorttermPayables><fsa:OtherShorttermPayables contextRef="instant_LY_only" decimals="-3" unitRef="USD">26162000</fsa:OtherShorttermPayables><fsa:ShorttermDeferredIncome contextRef="instant_CY_only" decimals="-3" unitRef="USD">0</fsa:ShorttermDeferredIncome><fsa:ShorttermDeferredIncome contextRef="instant_LY_only" decimals="-3" unitRef="USD">44000</fsa:ShorttermDeferredIncome><fsa:ShorttermLeaseCommitments contextRef="instant_CY_only" decimals="-3" unitRef="USD">11902000</fsa:ShorttermLeaseCommitments><fsa:ShorttermLeaseCommitments contextRef="instant_LY_only" decimals="-3" unitRef="USD">0</fsa:ShorttermLeaseCommitments><fsa:ShorttermLiabilitiesOtherThanProvisions contextRef="instant_CY_only" decimals="-3" unitRef="USD">565210000</fsa:ShorttermLiabilitiesOtherThanProvisions><fsa:ShorttermLiabilitiesOtherThanProvisions contextRef="instant_LY_only" decimals="-3" unitRef="USD">380153000</fsa:ShorttermLiabilitiesOtherThanProvisions><fsa:LiabilitiesOtherThanProvisions contextRef="instant_CY_only" decimals="-3" unitRef="USD">1028154000</fsa:LiabilitiesOtherThanProvisions><fsa:LiabilitiesOtherThanProvisions contextRef="instant_LY_only" decimals="-3" unitRef="USD">805593000</fsa:LiabilitiesOtherThanProvisions><fsa:LiabilitiesAndEquity contextRef="instant_CY_only" decimals="-3" unitRef="USD">1651688000</fsa:LiabilitiesAndEquity><fsa:LiabilitiesAndEquity contextRef="instant_LY_only" decimals="-3" unitRef="USD">1159539000</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 settled during 2020.<br/><br/>During the first months of 2020, the COVID-19 outbreak did not have any material negative effect on the Companyâs revenues and financial result. However, we notice that the market values of the vessels within the Company and its subsidiaries has decreased in the same period. As it is not possible to reliably estimate the length or severity of the COVID-19 outbreak, the economical effects over the shorter term are subject to some degree of uncertainty. If the length or severity of the outbreak exceeds the market expectations, there will be a risk of an impairment of the Companyâs investments in subsidiaries and vessels.<br/><br/>Based on the financial position of the Company and the future outlook for operations and earnings, Management deems that the Company is going concern.<br/><br/>No other subsequent events have materially affected the annual report.</fsa:DisclosureOfUncertaintiesRelatingToGoingConcern><fsa:DisclosureOfEmployeeBenefitsExpense contextRef="duration_CY_only">Staff costs included in operating expenses 8,091 9,291 <br/>Staff costs included in administrative expenses 24,977 25,436 <br/>Total 33,068 34,727 <br/> <br/>Staff costs comprise the following <br/>Wages and salaries 26,344 27,978 <br/>Pension costs 2,855 2,753 <br/>Other social security costs 3,869 3,996 <br/>Total 33,068 34,727 </fsa:DisclosureOfEmployeeBenefitsExpense><fsa:InformationOnRemunerationOfManagementCategoriesAndSpecialIncentiveProgrammes contextRef="duration_CY_only">Of which salaries to the Executive Management and remuneration to the Board of Directors:<br/> <br/>Executive Management, salaries 962 983 <br/>Executive Management, bonus 1,126 425 <br/>Board of Directors - -<br/>Total 2,088 1,408 </fsa:InformationOnRemunerationOfManagementCategoriesAndSpecialIncentiveProgrammes><fsa:AverageNumberOfEmployees contextRef="duration_CY_only" decimals="0" unitRef="pure">282</fsa:AverageNumberOfEmployees><fsa:AverageNumberOfEmployees contextRef="duration_LY_only" decimals="0" unitRef="pure">267</fsa:AverageNumberOfEmployees><fsa:DisclosureOfIncomeFromOtherLongtermInvestmentsAndReceivables contextRef="duration_CY_only">INCOME FROM INVESTMENTS IN SUBSIDIARIES<br/>Dividends from subsidiaries 161,858 394,971 <br/>Total 161,858 394,971 </fsa:DisclosureOfIncomeFromOtherLongtermInvestmentsAndReceivables><fsa:DisclosureOfOtherFinanceIncome contextRef="duration_CY_only">Dividends received - 440 <br/>Interest from group enterprises 480 232 <br/>Exchange rate adjustments 1,358 97 <br/>Other financial income 1,090 425 <br/>Total 2,928 1,194 </fsa:DisclosureOfOtherFinanceIncome><fsa:DisclosureOfOtherFinanceExpenses contextRef="duration_CY_only">Interest to group enterprises 1,407 2,395 <br/>Exchange rate adjustments 168 241 <br/>Other financial expenses 30,026 23,285 <br/>Total 31,601 25,921 </fsa:DisclosureOfOtherFinanceExpenses><fsa:DisclosureOfPropertyPlantAndEquipment contextRef="duration_CY_only">Vessels and capitalized dry-docking Newbuildings Other plant and operating equipment<br/>COST <br/>Balance as of 1 January 2019 140,240 - 21,424 <br/>Additions 259,416 14,517 1,398 <br/>Disposals -46,457 - -<br/>Balance as of 31 December 2019 353,199 14,517 22,822 <br/> <br/>DEPRECIATION AND IMPAIRMENT LOSSES <br/>Balance as of 1 January 2019 70,090 - 19,216 <br/>Depreciation for the year 42,437 - 621 <br/>Disposals -44,630 - -<br/>Balance as of 31 December 2019 67,897 - 19,837 <br/> <br/>Carrying amount as of 31 December 2019 285,302 14,517 2,985 </fsa:DisclosureOfPropertyPlantAndEquipment><fsa:DisclosureOfInvestments contextRef="duration_CY_only">Investments in subsidiaries Investments in joint ventures<br/>COST <br/>Balance as of 1 January 2019 1,784,109 56 <br/>Additions 461 275 <br/>Disposals -92,270 -<br/>Balance as of 31 December 2019 1,692,300 331 <br/> <br/>VALUE ADJUSTMENT <br/>Balance as of 1 January 2019 -926,341 18 <br/>Value adjustment for the year 182,693 822 <br/>Disposals 4,148 -<br/>Balance as of 31 December 2019 -739,500 840 <br/> <br/>Carrying amount as of 31 December 2019 952,800 1,171 <br/><br/>INVESTMENTS IN JOINT VENTURES<br/>Entity Country Profit/ (loss) for the year (USDm) Equity (USDm)<br/>Long Range 2 A/S Denmark 0 0 <br/>LR2 Management K/S Denmark 0 0 <br/>ME Production Marine Exhaust Technology Ltd. Hong Kong 3 4<br/><br/><br/>INVESTMENTS IN SUBSIDIARIES<br/>Entity ¹⾠Country Profit/ (loss) for the year (USDm) Equity (USDm)<br/>VesselCo A ApS Denmark 0 0 <br/>VesselCo C ApS Denmark 0 0 <br/>VesselCo E ApS Denmark 0 0 <br/>VesselCo F ApS Denmark 0 0 <br/>DK Vessel Holdco GP ApS Denmark 0 0 <br/>DK Vessel Holdco K/S Denmark 100 315 <br/>TORM Crewing Services Ltd Bermuda 0 -3 <br/>TORM Shipping (Phils.), Inc Philippines 0 1<br/>TORM Shipping India Private ltd. India 0 4 <br/>TORM Singapore PTE. LTD. Singapore 1 2 <br/>TORM USA LLC United States 0 0 <br/>VesselCo 8 Pte. Ltd. Singapore 16 249 <br/>OCM Singapore Njords Holdings Alice, Pte. Ltd. Singapore 2 2 <br/>OCM Singapore Njords Holdings Almena, Pte. Ltd. Singapore 1 21 <br/>OCM Singapore Njords Holdings Hardrada, Pte. Ltd. Singapore 2 19 <br/>OCM Singapore Njords Holdings St. Michaelis, Pte. Ltd. Singapore 1 16 <br/>OCM Singapore Njords Holdings St. Gabriel, Pte. Ltd. Singapore 1 16 <br/>OCM Singapore Njords Holdings Agnete, Pte. Ltd. Singapore 1 25 <br/>OCM Singapore Njords Holdings Alexandra, Pte. Ltd. Singapore 2 2 <br/>¹⾠Ownership and voting rights for all subsidiaries are 100%, except TORM Shipping (Phils), Inc where the ownership is 25%.</fsa:DisclosureOfInvestments><fsa:DisclosureOfEquity contextRef="duration_CY_only">STATEMENT OF CHANGES IN EQUITY<br/>Common shares Hedging reserves Translation reserves Retained earnings Total<br/> <br/>Equity as of 1 January 2018 141,946 6,706 5,896 -39,928 114,620 <br/> <br/>Changes in equity for 2018 <br/>Net profit/(loss) for the year - - - 241,073 241,073 <br/>Financial derivatives - -3,773 - - -3,773 <br/>Share-based compensation - - - 2,026 2,026 <br/>Total changes in equity 2018 - -3,773 - 243,099 239,326 <br/> <br/>Equity as of 31 December 2018 141,946 2,933 5,896 203,171 353,946 <br/> <br/>Changes in equity for 2019 <br/>Net profit/(loss) for the year - - - 271,456 271,456 <br/>Financial derivatives - -3,781 - - -3,781 <br/>Share-based compensation - - - 1,913 1,913 <br/>Total changes in equity 2019 - -3,781 - 273,369 269,588 <br/> <br/>Equity as of 31 December 2019 141,946 -848 5,896 476,540 623,534 <br/><br/><br/><br/>Common shares consist of: Number of shares Nominal value<br/>(DKK '000)<br/>A-shares 63,836,249 957,397 <br/>B-shares 1 -<br/>C-shares 1 -<br/>Total 63,836,251 957,397 <br/> <br/><br/>Common shares have developed as follows <br/>(DKK '000) 2019 2018 2017 2016 2015<br/>Common shares at 1 January 957,397 957,397 957,397 957,397 7,280 <br/>Capital decrease - - - -147 <br/>Contribution in kind - - - 593,544 <br/>Contribution in kind - - - 356,720 <br/>Common shares at 31 December 957,397 957,397 957,397 957,397 957,397 </fsa:DisclosureOfEquity><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">Mortgage debt and bank loans¹⾠<br/>After 5 years - -<br/>Between 1 and 5 years 280,344 380,680 <br/>Within 1 year 55,037 67,031 <br/>Total 335,381 447,711 <br/>¹⾠The presented amounts to be repaid do not include related costs arising from the issuing of the loans of USD 2,381k (2018: USD 625k), which are amortized over the term of the loans.<br/><br/>Finance lease liabilities ¹⾠<br/>After 5 years 76,018 -<br/>Between 1 and 5 years 64,966 -<br/>Within 1 year 12,191 -<br/>Total 153,175 -<br/>¹⾠The presented amounts to be repaid do not include related costs arising from the issuing of the loans of USD 1.676k (2018: USD 0k), 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:OtherDisclosures contextRef="duration_CY_only">Consolidated Financial Statements 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/> TORM plc<br/> 20 Birchin Court<br/> London EC3V 9DU<br/> United Kingdom<br/> VAT 239 53 53 87<br/> <br/> or<br/> <br/> www.torm.com<br />FINANCIAL INSTRUMENTS<br/>FAIR VALUE OF DERIVATIVES <br/>Derivative financial instruments regarding freight and bunkers:<br/>Forward freight agreements -300 -393 <br/>Bunker swaps 32 771 <br/> <br/>Derivative financial instruments regarding interest and currency exchange rate:<br/>Forward exchange contracts -128 1,848 <br/>Interest rate swaps -409 4,480 <br/>Total -805 6,706 <br/> <br/>Of which included in: <br/> <br/>Current assets <br/>Other receivables 551 7,101 <br/> <br/>Current liabilities <br/>Other liabilities -1,356 -395 <br/>Total -805 6,706 <br/><br/><br/>In 2019, 100% (2018: 100%) of TORMâs forward freight agreements (FFAs) and fuel swaps were cleared through clearing houses, 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 rating. TORM also trades FX and interest derivatives. All such derivatives were done with investment grade counterparties.<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 investments in subsidiaries collateralized 969,185<br/>Total 969,185<br/> <br/>Contingent liabilities <br/>Other operating leases 5,789<br/>Total 5,789<br/> <br/><br/>The guarantee commitments of the Company consist of all shares in subsidiaries and underlying vessels, which are used as collateral for all mortgage debt within the TORM plc Group.<br/><br/>Furthermore, the Company guarantees less than USD 0.1m relating to guarantee commitments to Danish Shipping.<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 operations.<br/><br/>Joint taxation<br/>The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes 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 subsequent adjustments of corporation taxes and withholding taxes may increase the Companyâs liability.</fsa:DisclosureOfContingentLiabilities></xbrli:xbrl>