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/amNsb3VkczovLzAzLzAzLzZiLzYwLzdmL2JkMzItNDRiNy05Y2FlLTkyMWMyNDZhNDg5MQ.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:AddressOfReportingEntityCountry contextRef="duration_CY_only">DENMARK</gsd:AddressOfReportingEntityCountry><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">2021-01-01</gsd:ReportingPeriodStartDate><gsd:ReportingPeriodEndDate contextRef="duration_CY_only">2021-12-31</gsd:ReportingPeriodEndDate><gsd:PrecedingReportingPeriodStartDate contextRef="duration_CY_only">2020-01-01</gsd:PrecedingReportingPeriodStartDate><gsd:PredingReportingPeriodEndDate contextRef="duration_CY_only">2020-12-31</gsd:PredingReportingPeriodEndDate><gsd:DateOfGeneralMeeting contextRef="duration_CY_only">2022-06-17</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">Lene Stampe Sørensen</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">Christian Gorrissen</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">EY Godkendt revisionspartnerselskab</cmn:NameOfAuditFirm><cmn:NameOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">EY Godkendt revisionspartnerselskab</cmn:NameOfAuditFirm><gsd:AddressOfAuditorStreetName contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">Dirch Passers Allé</gsd:AddressOfAuditorStreetName><gsd:AddressOfAuditorStreetName contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">Dirch Passers Allé</gsd:AddressOfAuditorStreetName><gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">36</gsd:AddressOfAuditorStreetBuildingIdentifier><gsd:AddressOfAuditorStreetBuildingIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">36</gsd:AddressOfAuditorStreetBuildingIdentifier><gsd:AddressOfAuditorPostCodeIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">2000</gsd:AddressOfAuditorPostCodeIdentifier><gsd:AddressOfAuditorPostCodeIdentifier contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">2000</gsd:AddressOfAuditorPostCodeIdentifier><gsd:AddressOfAuditorDistrictName contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">Frederiksberg</gsd:AddressOfAuditorDistrictName><gsd:AddressOfAuditorDistrictName contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">Frederiksberg</gsd:AddressOfAuditorDistrictName><cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">30700228</cmn:IdentificationNumberCvrOfAuditFirm><cmn:IdentificationNumberCvrOfAuditFirm contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">30700228</cmn:IdentificationNumberCvrOfAuditFirm><gsd:NameOfSubmittingEnterprise contextRef="duration_CY_only">EY Godkendt revisionspartnerselskab</gsd:NameOfSubmittingEnterprise><gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="duration_CY_only">Dirch Passers Allé 36</gsd:AddressOfSubmittingEnterpriseStreetAndNumber><gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="duration_CY_only">2000 Frederiksberg</gsd:AddressOfSubmittingEnterprisePostcodeAndTown><gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="duration_CY_only">30700228</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 01 January - 31 December 2021.<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 as of 31 December 2021 of TORM A/S and of the results of the TORM A/Sâ operations for 2021.<br/><br/>Further, in our opinion, the Management's Review gives a fair review of the development in the TORM A/Sâ operations and financial matters, the results for the year and its financial position.<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">2022-06-17</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 â 31 December 2021, which comprise accounting policies, income statement, balance sheet, statement of changes in equity and notes. 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 financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January â 31 December 2021 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 "Auditor's responsibilities for the audit of the financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.<br/><br/>Independence<br/>We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.</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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company 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 as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 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 the financial statements.<br/><br/>As part of an audit conducted in accordance with ISAs and 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/><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 Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.<br/><br/>⢠Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing 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 Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's 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 auditor's report. <br/>However, future events or conditions may cause the Company to cease to continue as a going concern. <br/><br/>⢠Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. valuate 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's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. <br/><br/>Moreover, it is our responsibility to consider whether the Management's 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's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements><arr:SignatureOfAuditorsPlace contextRef="duration_CY_only">Copenhagen</arr:SignatureOfAuditorsPlace><arr:SignatureOfAuditorsDate contextRef="duration_CY_only">2022-06-17</arr:SignatureOfAuditorsDate><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_1">Jens Thordahl Nøhr</cmn:NameAndSurnameOfAuditor><cmn:NameAndSurnameOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">Rolan Atl Caballero Pena Espedal</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">mne32212</cmn:IdentificationNumberOfAuditor><cmn:IdentificationNumberOfAuditor contextRef="duration_CY_IdentificationOfAuditorDimension_cmn_auditorIdentifier_only_2">mne47789</cmn:IdentificationNumberOfAuditor><mrv:ManagementsReview contextRef="duration_CY_only">MAIN ACTIVITY<br/>TORM Group<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/>TORM A/S<br/>TORM A/S acts as the main operating entity of the TORM Group in respect of all product tanker activities. TORM A/S owns part of the Danish flagged vessels, and leases a number of vessels from both subsidiaries and the parent company, TORM plc, as well as from external financial counterparties<br/><br/>For a full overview of the TORM Groupâs financial development, cash flows and financial position, reference is made to the consolidated financial statements of TORM plc for 2021, in which TORM A/S and all its subsidiaries are consolidated. Please refer to 2021 Annual Report for TORM plc available at https://www.torm.com/investors/reports-and-presentations/financial-reports/default.aspx.<br/><br/> <br/>Consolidated TORM Group key figures<br/>Key figures for the TORM Groupâs consolidated<br/>financial statements are:<br/><br/>(USDm) 2021 2020<br/>KEY FIGURES TORM GROUP <br/>Revenue 620 747 <br/>Time charter equivalent earnings (TCE) 379 520 <br/>Operating profit/loss (EBIT) 1 139 <br/>Net profit/(loss) for the year -42 88 <br/>Net profit/(loss) ex. non-recurring items -36 122 <br/> <br/><br/>The following Managementâs Review relates to the stand-alone activities of TORM A/S, as reported in these financial statements.<br/><br/>DEVELOPMENT IN THE YEAR<br/>In 2021, the product tanker market showed low demand for product tanker services due to COVID-19 which inevitably affected the industryâs earnings. <br/><br/>In 2021, TORMâs integrated platform delivered strong results in the challenged market. Once again, we have shown the ability to perform amongst the strongest in the product tanker market, and we believe that TORM is well positioned to deliver market leading value to its shareholders also in the coming years.<br/><br/>In 2021, a reversal of impairment of vessels amounting to USD 61.1m (2020: impairment of USD 69.9m) has been recognized as the recoverable amount exceeded the carrying amount of the fleet. The primary driver of the impairment reversal is the improved conditions in the product tanker market outlook. <br/><br/>Income from investments in subsidiaries decreased to USD 19.1m from USD 20.6m in 2020 primarily due lower activity in the subsidiaries. Impairment of investments in subsidiaries amounted to USD 6.9m compared to USD 15.5m in 2020.<br/><br/>Net profit for the year excluding reversal of impairment on vessels and impairment of investments in subsidiaries as well as results from subsidiaries, USD -45.6m (2020: USD -26.0m) is lower than expected at the beginning of the year, but is considered satisfactory seen in the light of the current weak conditions in the product tanker market seen during 2021.<br/><br/>During 2021, TORM A/S entered into a number of new lease arrangements with external counterparties as part of a number of sale-and-lease back arrangements entered into by the TORM Group during the year. <br/><br/>During 2021 several TORM A/S-subsidiaries have been dissolved resulting in a decrease in investment in subsidiaries of USD 754m as well as intercompany payables of USD 683m.<br/><br/>EXPECTATIONS FOR THE YEAR AHEAD <br/>The COVID-19 pandemic and the Russian invasion of Ukraine continue to severely impact the global oil market and the product tanker industry leading to material uncertainties and lack of visibility related to the global demand for transportation of refined oil products. Freight rates have improved significantly since the Russian invasion of Ukraine due to partial re-route of trade flow towards longer haul trade resulting in freight rate hikes last seen in the Spring of 2020, but the development in the freight rates going forward is still highly uncertain.<br/><br/>For 2022, Management expects higher TCE rates and higher net profit for the stand-alone activities of TORM A/S.<br/><br/>As stated in the Group interim results for the three months ended 31 March 2022, TORM had as of 08 May 2022 covered 29% of the remaining earning days in 2022 at USD/day 25,530. Assuming an unchanged TCE rate of USD/day 25,530 for the rest of 2022 and a rate sensitivity of +/- 1,000 USD/day, profit before tax of USD 223 - 254m for the stand-alone activities of TORM A/S is expected for 2022.<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 A/S to avoid pollution of the seas and the atmosphere. <br/><br/>Throughout 2021, TORM A/S continued to have a strong and dedicated focus on reducing fuel consumption, and the efforts made within this area have generated a positive result. Please refer to the Annual Report 2021 for TORM plc page 40 for further reference.<br/><br/>As in previous years, TORM A/Sâ Operational Performance team shares the performance of each vessel with the respective vessel managers and vessels on a monthly basis.<br />DATA ETHICS<br/>TORMâs business model, The ONE TORM platform, uses advanced analytics and digital solutions in which large amounts of data are processed. TORMâs Data Ethics Policy confirms TORMâs commitment to our defined data ethicâs principles and it defines how we collect, store and process data.<br/><br/>TORM wants to maintain high ethical standards for the protection of our data, and we want our handling of all data to be beneficial and value-adding to our customers, employees, business partners, authorities, and other stakeholders.<br/><br/>Our treatment of data must be robust to prevent against any unintended disclosure. TORMâs data security measures include a variety of guidelines and defined processes, as well as technical and human controls.<br/><br/>TORM generally does not collect, store, or handle data in relation to private customers or consumers. The data which TORM collects, and stores is mainly commercial data, relevant to the operation of our owned and chartered vessels. Such commercial data includes without limitation global trade flows, trading patterns, cargo types, weather patterns, port data etc. and may be generated internally or obtained from external sources.<br/><br/>SUBSEQUENT EVENTS<br/>Please refer to note 20 on page 25.</mrv:ManagementsReview><mrv:StatementOfCorporateSocialResponsibility contextRef="duration_CY_only">The TORM Groupâs policies for corporate social responsibility, as well as climate policies, are described on the TORM Groupâs homepage: <br/>http://www.torm.com/csr-at-torm.<br/><br/>TORM A/Sâ statutory reporting cf. §99a can be found in the Annual Report 2021 for TORM plc, which is available at: https://www.torm.com/investors/reports-and-presentations/financial-reports/</mrv:StatementOfCorporateSocialResponsibility><mrv:LinkToStatementOfCorporateSocialResponsibility contextRef="duration_CY_only">https://www.torm.com/investors/reports-and-presentations/financial-reports/</mrv:LinkToStatementOfCorporateSocialResponsibility><mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="duration_CY_only">At TORM, we have an obligation to develop a strong and diverse talent pool irrespective of gender, religion, sexuality, nationality, ethnicity, or disabilities etc.<br/>As stated in TORMâs Business Principles, we work toward a diverse workforce in every aspect. We want to have an inclusive environment which respects and supports all our people and helps improve business performance.<br/><br/>For further information on the Groupâs Business Principles, please visit: http://www.torm.com/about-torm. <br/><br/>In our continued efforts to maintain a positive and respectful work environment, we have completed interactive sessions which have provided insights into how we ensure to be aware and respectful in our daily work. Also annually, we will follow up on these initiatives and evaluate the results.<br/><br/>We believe that diverse teams led by diverse leaders deliver better business performance, and offer equal opportunities in recruitment, career development, promotion, training and rewards for all employees.<br/><br/>In 2021, we continued to participate and drive the aim of Danish Shippingâs taskforce for more women at Sea. In this work group, we have incorporated 10 recommendations into processes and procedures as best practice. The recommendations include setting gender diversity targets, supporting women through family friendly policies and rethinking the recruitment process.<br/><br/>TORM A/S has a target for the diversity of its shareholder-appointed members of the Board of Directors with respect to the under-represented gender. The target is for females to constitute at least 25% of the shareholder-appointed members of the Board of Directors. <br/><br/>At the end of 2021, TORM A/Sâ Board of Directors consisted of three male members and one female member elected at the Annual General Meeting. In 2021, the Board of Directors fulfilled its target of 25% female Board members (one out of four).<br/><br/>TORM A/S actively monitors the representation of females in the workforce and in leadership positions. At the end of 2021, the proportion of females in the shore-based workforce was 40.0%, while women in leadership positions, defined as having one or more direct reports, constituted 15.8%. TORM A/S has a target for 2030 of 35%.</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender><mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="duration_CY_only">http://www.torm.com/about-torm</mrv:LinkToStatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender><fsa:DisclosureOfAccountingPolicies contextRef="duration_CY_only">The Annual Report of TORM A/S for 2021 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 2021 are presented in USD â000.<br/><br/>Changes in accounting policies<br/>Effective from the financial year 2021, TORM A/S has implemented IFRS 15 âRevenue from contracts with customersâ and IFRS 16 âLeasesâ. The changes were implemented using the full retrospective approach with restatement of comparison figures. <br/><br/>The changes relate to the accounting treatment of leases as set out in IFRS 16 Leases as TORM A/Sâ accounting policies for revenue recognition in all material aspects were in line with IFRS 15 âRevenue from contracts with customersâ. The main change in accounting for leases relate to lease payments, which are no longer recognized as administrative expenses in the income statement when paid. Instead a lease asset (right of use asset) and lease liability are recognized in the balance sheet at the lease commencement date. Lease assets are depreciated over the lease term and an interest expense is recognized in the income statement from the lease liability. Lease payments are offset against the lease liability.<br/><br/>As a consequence of the restatement the 2020 loss for the year was reduced by USD 48k after tax, while total fixed assets increased by USD 4,240k. Equity as of 31 December 2020 and opening equity as of 01 January 2021 have been reduced by USD 724k in total. Total liabilities as of 31 December 2020 were increased by USD 4,964k. Comparative figures for 2020 have been restated in financial highlights (key figures and ratios) as well as in the balance sheet, income statement and disclosures. Please refer to note 21 for restatement of comparative figures for income statement and balance sheet.<br/><br/>Except for the changes above the accounting policies are consistent with last year.<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 TORM A/S, 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 TORM A/S, 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.<br/><br/>In this way, capital losses and gains are allocated over the maturity period. 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 (USD) is used as the functional as well as the presentation currency. All other currencies are regarded as foreign currencies.<br/><br/>The USD/DKK exchange rate on 31 December 2021 is 656.1 (2020: 605.8).<br/><br/>Translation policies<br/>Transactions in foreign currencies are translated into USD 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.<br/><br/>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 TORM A/Sâ 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 âPort expenses, bunkers and commissionsâ for forward freight agreements and forward bunker contracts.<br/><br/>Leases<br/>TORM assesses whether a contract is or contains a lease at inception of the contract and recognizes right-of-use assets and corresponding lease liabilities at the lease commencement date, except for short-term leases and leases of low value. For these leases, TORM recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.<br/><br/>Agreements to charter in vessels and to lease land and buildings and other plant and operating equipment for which TORM substantially has the control are recognized on the balance sheet as right-of-use assets and initially measured at cost, which comprises the initial amount of the lease liabilities adjusted for any lease payments made at or before the commencement date. Subsequently the right-of-use assets are measured at cost less accumulated depreciation and impairment losses.. The right-of-use assets are depreciated and written down under the same accounting policy as the assets owned by TORM A/S or over the lease period depending on the lease terms. The corresponding lease obligation is recognized as a liability in the balance sheet under âBorrowingsâ and initially measured at the present value of the lease payments that are not paid at the commencement date. TORM A/S uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is not readily determinable. Subsequently lease liabilities are measured at amortized cost using the effective interest method and the lease liabilities are remeasured when there is a change in future lease payments.<br/><br/>Leases to charter out vessels are classified as operating leases as the leases are short term in nature and usually less than one year. Chartered out vessels are presented as part of Vessels and capitalized dry-docking. Please refer to Note 6. The lease income is recognized in the income statement on a straight-line basis over the lease term.<br/><br/>Following a sale transaction, for agreements to immediately charter-in the related vessels (sale and leaseback) but for which TORM maintains substantially all the risks and rewards incidental to economic ownership including repurchase options at lower value that the initial sales price, the proceeds received are presented as a financial liability in âBorrowingsâ.<br/>No gain or loss is recorded, and the asset remains recognized on the balance sheet. </fsa:DisclosureOfAccountingPolicies><fsa:InformationOnOmissionOfConsolidatedFinancialStatement contextRef="duration_CY_only">With reference to Section 112(3) (2) of the Danish Financial Statements Act, TORM A/S 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 TORM A/S<br/>⢠Costs relating to the transaction can be measured reliably<br/><br/>Revenue comprises freight, charter hire and demurrage revenues from the vessels. Revenue is recognized when or as performance obligations are satisfied by transferring services to the customer, i.e., over time, provided that the stage of completion can be measured reliably. Revenue is measured as the consideration which TORM A/S expects to be entitled to.<br/><br/>Freight revenue, including charter hire and demurrage (and related voyage costs) are recognized in the income statement according to the entered charter parties from the date of load to the date of delivery of the cargo (discharge). The completion is determined using the load-to-discharge method based on the percentage of the estimated duration of the voyage completed at the reporting date, because TORM A/S has an enforceable right to payment for performance completed to date.<br/>Cross-over voyages<br/>For cross-over voyages (voyages in progress at the end of a reporting period), the uncertainty and the dependence on estimates are greater than for finalized voyages. TORM A/S recognizes a percentage of the estimated revenue for the voyage equal to the percentage of the estimated duration of the voyage completed at the balance sheet date. The estimate of revenue is based on the expected duration and destination of the voyage. <br/><br/>When recognizing revenue, there is a risk that the actual number of days it takes to complete the voyage will differ from the estimate. The contract for a single voyage may state several alternative destination ports. The destination port may change during the voyage, and the rate may vary depending on the destination port. Changes to the estimated duration of the voyage as well as changing destinations and weather conditions will affect the voyage expenses.<br/><br/>Demurrage revenue<br/>Freight contracts contain conditions regarding the amount of time available for loading and discharging of the vessel. If these conditions are breached, TORM A/S is compensated for the additional time incurred in the form of demurrage revenue. Demurrage revenue is recognized in accordance with the terms and conditions of the charter parties. Upon completion of the voyage, TORM A/S assesses the time spent in port, and a demurrage claim based on the relevant contractual conditions is submitted to the charterers.<br/><br/>The claim will often be met by counterclaims due to differences in the interpretation of the agreement compared to the actual circumstances of the additional time used. Based on previous experience, 95% of the demurrage claim submitted is recognized as demurrage revenue upon initial recognition. TORM A/S receives the demurrage payment upon reaching final agreement on the amount, which on average is approximately 100 days <br/>after the original demurrage claim was submitted. Any adjustments to the final agreement are recognized as demurrage revenue.<br/><br/>Port expenses, bunkers and commissions<br/>Port expenses, bunker fuel consumption and commissions are recognized as incurred. Gains and losses on forward freight agreements and 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 short term 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/>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/>Financial expenses<br/>Financial expenses comprise interest expenses, financing costs of lease liabilities, 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/>Interest is recognized in accordance with the accrual basis of accounting taking into account the effective interest rate.<br/><br/>Tax<br/>TORM A/S 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/>TORM A/S has elected to participate in the Danish tonnage tax scheme; the participation is binding until 31 December 2024. TORM A/S expects to participate in the tonnage tax scheme after the binding period and, as a minimum, to maintain an investing and activity level equivalent to that at the time of entering the tonnage tax scheme.<br/><br/>Under the Danish tonnage tax scheme, income and expenses from shipping activities are not subject to direct taxation. Instead, the taxable income is calculated from: <br/><br/>⢠The net tonnage of the vessels used to generate the income from shipping activities <br/>⢠A rate applicable to the specific net tonnage of the vessel based on a sliding scale<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. <br/><br/>Income tax is measured using tax rates enacted or substantially enacted at the balance sheet date and includes any adjustment to tax payable in respect of previous years. Current and non-current income tax balances are not discounted.</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 for new vessels. TORM A/S 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 its business plans. TORM A/S 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. 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. <br/><br/>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 term of the lease. 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 is 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. 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 participating interests<br/>Investments in participating interests 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 participating interest. Participating interests are accounted for using the equity method. Under the equity method, the investment in participating interests is initially recognized at cost and thereafter adjusted to recognize TORMâs share of the profit or loss in the participating interest. When TORMâs share of losses in a participating interests exceeds the investment in the participating interest, TORM discontinues recognizing its share of further losses, unless TORM has incurred legal or constructive obligations or made payments on behalf of the participating interest.<br/><br/>Reversal of impairment losses on investments in participating interests is recognized in âIncome/(loss) from participating interestsâ.<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 manage-ment purposes. Management has assessed that TORM has three CGUs. The largest of which is its Main Fleet (comprising LR1/LR2 and MR vessels). The Main Fleet is considered to be a single cash generating unit because the vessels in the Main Fleet are largely interchangeable and the cash flows generated by them are interdependent. These vessels are operated collectively as a combined internal pool, employed principally in the spot market and actively managed to meet the needs of our customers in that market, particularly regarding the loca-tion of vessels meeting required specifications and the price of transport rather than vessel class. Given the technical specifi-cations and capacity of vessels, the Main Fleet is relatively homogenous with a very high degree of interoperability. All vessels in the Main Fleet are able to handle multiple sizes of cargoes and sail all seas and oceans, over both shorter and long distances. The Main Fleet is monitored and managed on an aggregated level as one pool, i.e. each vessel or vessel class does not generate cash inflows that are largely independent of those from other vessels or vessel classes. The MR vessels acquired in 2021 with chemical trading capability are operated as all other product tanker vessels and thus included in the Main Fleet CGU.<br/><br/>The other groups of CGUs outside the Main Fleet comprise the two Handysize vessels (which are typically used for shorter and coastal trade routes and more frequent port calls, including for transportation of various clean petroleum products within Europe and in the Mediterranean).<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. Receivables are measured at the lower of amortized cost and net realizable values, which corresponds to nominal value less provision for bad debts.<br/>Derivative financial instruments included in other receivables are measured at fair value.<br/><br/>Share-based payments<br/>TORM A/S 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 TORM A/Sâ 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/>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/>Borrowings<br/>Borrowings consists of mortgage debt, bank loans and lease liabilities. <br/><br/>Borrowings are initially 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 <br/><br/>rate, is at least 10% different from the discounted present value of the remaining cash flows of the original financial liability.<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/>No deferred tax is recognized related to assets and liabilities, including vessels, which are subject to tonnage tax.<br/><br/>Provisions<br/>Provisions are recognized when TORM A/S has a legal or constructive obligation as a result of past events, and when it is probable that this will lead to an outflow of resources that can be reliably estimated. Provisions are measured at the estimated liability that is expected to arise, taking into account the time value of money.<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, TORM A/S has not prepared a cash flow statement.</fsa:ExplanationOfNotDisclosingCashFlowsStatements><fsa:DescriptionOfMethodsOfStatingKeyFiguresAndFinancialRatiosIncludedInManagementReview contextRef="duration_CY_only">TCE % =<br/>TCE /<br/>Revenue<br/><br/>Gross profit % =<br/>Gross profit/<br/>Revenue<br/><br/>EBITDA % =<br/>EBITDA/<br/>Revenue<br/><br/>Operating profit/(loss) % =<br/>Operating profit/(loss) (EBIT)/<br/>Revenue<br/><br/>Return on Equity (RoE) % =<br/>Net profit/(loss) for the year/<br/>Average equity<br/><br/>Equity ratio =<br/>Equity/<br/>Total assets</fsa:DescriptionOfMethodsOfStatingKeyFiguresAndFinancialRatiosIncludedInManagementReview><fsa:Revenue contextRef="duration_CY_only" decimals="-3" unitRef="USD">619283000</fsa:Revenue><fsa:Revenue contextRef="duration_LY_RetrospectiveInformationDimension_cmn_PreviousYearMember_only" decimals="-6" unitRef="USD">739000000</fsa:Revenue><fsa:Revenue contextRef="duration_2Y_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only" decimals="-6" unitRef="USD">692000000</fsa:Revenue><fsa:Revenue contextRef="duration_3Y_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only" decimals="-6" unitRef="USD">635000000</fsa:Revenue><fsa:Revenue contextRef="duration_4Y_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only" decimals="-6" unitRef="USD">657000000</fsa:Revenue><fsa:Revenue contextRef="duration_LY_only" decimals="-3" unitRef="USD">739360000</fsa:Revenue><fsa:ResultsFromNetFinancials contextRef="duration_CY_only" decimals="-6" unitRef="USD">-30000000</fsa:ResultsFromNetFinancials><fsa:ResultsFromNetFinancials contextRef="duration_LY_RetrospectiveInformationDimension_cmn_PreviousYearMember_only" decimals="-6" unitRef="USD">-31000000</fsa:ResultsFromNetFinancials><fsa:ResultsFromNetFinancials contextRef="duration_2Y_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only" decimals="-6" unitRef="USD">-29000000</fsa:ResultsFromNetFinancials><fsa:ResultsFromNetFinancials contextRef="duration_3Y_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only" decimals="-6" unitRef="USD">-25000000</fsa:ResultsFromNetFinancials><fsa:ResultsFromNetFinancials contextRef="duration_4Y_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only" decimals="-6" unitRef="USD">49000000</fsa:ResultsFromNetFinancials><fsa:ProfitLossFromOrdinaryOperatingActivities contextRef="duration_CY_only" decimals="-3" unitRef="USD">44731000</fsa:ProfitLossFromOrdinaryOperatingActivities><fsa:ProfitLossFromOrdinaryOperatingActivities contextRef="duration_LY_RetrospectiveInformationDimension_cmn_PreviousYearMember_only" decimals="-6" unitRef="USD">-64000000</fsa:ProfitLossFromOrdinaryOperatingActivities><fsa:ProfitLossFromOrdinaryOperatingActivities contextRef="duration_2Y_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only" decimals="-6" unitRef="USD">-44000000</fsa:ProfitLossFromOrdinaryOperatingActivities><fsa:ProfitLossFromOrdinaryOperatingActivities contextRef="duration_3Y_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only" decimals="-6" unitRef="USD">-118000000</fsa:ProfitLossFromOrdinaryOperatingActivities><fsa:ProfitLossFromOrdinaryOperatingActivities contextRef="duration_4Y_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only" decimals="-6" unitRef="USD">-57000000</fsa:ProfitLossFromOrdinaryOperatingActivities><fsa:ProfitLossFromOrdinaryOperatingActivities contextRef="duration_LY_only" decimals="-3" unitRef="USD">-63710000</fsa:ProfitLossFromOrdinaryOperatingActivities><fsa:ProfitLoss contextRef="duration_CY_only" decimals="-3" unitRef="USD">25213000</fsa:ProfitLoss><fsa:ProfitLoss contextRef="duration_LY_RetrospectiveInformationDimension_cmn_PreviousYearMember_only" decimals="-6" unitRef="USD">-91000000</fsa:ProfitLoss><fsa:ProfitLoss contextRef="duration_2Y_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only" decimals="-6" unitRef="USD">255000000</fsa:ProfitLoss><fsa:ProfitLoss contextRef="duration_3Y_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only" decimals="-6" unitRef="USD">241000000</fsa:ProfitLoss><fsa:ProfitLoss contextRef="duration_4Y_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only" decimals="-6" unitRef="USD">114000000</fsa:ProfitLoss><fsa:ProfitLoss contextRef="duration_LY_only" decimals="-3" unitRef="USD">-90886000</fsa:ProfitLoss><fsa:ProfitLoss contextRef="duration_CY_ResultDistributionDimension_fsa_RetainedEarningsMember_only" decimals="-3" unitRef="USD">25213000</fsa:ProfitLoss><fsa:ProfitLoss contextRef="duration_LY_ResultDistributionDimension_fsa_RetainedEarningsMember_only" decimals="-3" unitRef="USD">-90886000</fsa:ProfitLoss><fsa:Assets contextRef="instant_CY_only" decimals="-3" unitRef="USD">2108324000</fsa:Assets><fsa:Assets contextRef="instant_LY_RetrospectiveInformationDimension_cmn_PreviousYearMember_only" decimals="-6" unitRef="USD">2073000000</fsa:Assets><fsa:Assets contextRef="instant_2Y_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only" decimals="-6" unitRef="USD">1635000000</fsa:Assets><fsa:Assets contextRef="instant_3Y_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only" decimals="-6" unitRef="USD">1160000000</fsa:Assets><fsa:Assets contextRef="instant_4Y_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only" decimals="-6" unitRef="USD">1354000000</fsa:Assets><fsa:Assets contextRef="instant_LY_only" decimals="-3" unitRef="USD">2073082000</fsa:Assets><fsa:InvestmentInPropertyPlantAndEquipment contextRef="duration_CY_only" decimals="-6" unitRef="USD">643000000</fsa:InvestmentInPropertyPlantAndEquipment><fsa:InvestmentInPropertyPlantAndEquipment contextRef="duration_LY_RetrospectiveInformationDimension_cmn_PreviousYearMember_only" decimals="-6" unitRef="USD">904000000</fsa:InvestmentInPropertyPlantAndEquipment><fsa:InvestmentInPropertyPlantAndEquipment contextRef="duration_2Y_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only" decimals="-6" unitRef="USD">275000000</fsa:InvestmentInPropertyPlantAndEquipment><fsa:InvestmentInPropertyPlantAndEquipment contextRef="duration_3Y_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only" decimals="-6" unitRef="USD">43000000</fsa:InvestmentInPropertyPlantAndEquipment><fsa:InvestmentInPropertyPlantAndEquipment contextRef="duration_4Y_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only" decimals="-6" unitRef="USD">39000000</fsa:InvestmentInPropertyPlantAndEquipment><fsa:Equity contextRef="instant_CY_only" decimals="-3" unitRef="USD">544192000</fsa:Equity><fsa:Equity contextRef="instant_LY_RetrospectiveInformationDimension_cmn_PreviousYearMember_only" decimals="-6" unitRef="USD">519000000</fsa:Equity><fsa:Equity contextRef="instant_2Y_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only" decimals="-6" unitRef="USD">607000000</fsa:Equity><fsa:Equity contextRef="instant_3Y_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only" decimals="-6" unitRef="USD">354000000</fsa:Equity><fsa:Equity contextRef="instant_4Y_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only" decimals="-6" unitRef="USD">114000000</fsa:Equity><fsa:Equity contextRef="instant_LY_only" decimals="-3" unitRef="USD">519005000</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 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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:NameOfKeyFigureOrFinancialRatio contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_only_24">Operating profit/loss (EBIT)</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_PreviousYearMember_only_24">Operating profit/loss (EBIT)</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only_24">Operating profit/loss (EBIT)</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only_24">Operating profit/loss (EBIT)</mrv:NameOfKeyFigureOrFinancialRatio><mrv:NameOfKeyFigureOrFinancialRatio contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only_24">Operating profit/loss (EBIT)</mrv:NameOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatioMonetary contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_only_1" decimals="-6" unitRef="USD">378000000</mrv:ValueOfKeyFigureOrFinancialRatioMonetary><mrv:ValueOfKeyFigureOrFinancialRatioMonetary 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contextRef="duration_LY_RetrospectiveInformationDimension_cmn_PreviousYearMember_only" decimals="3" unitRef="pure">0.250</mrv:EquityRatio><mrv:EquityRatio contextRef="duration_2Y_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only" decimals="3" unitRef="pure">0.371</mrv:EquityRatio><mrv:EquityRatio contextRef="duration_3Y_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only" decimals="3" unitRef="pure">0.306</mrv:EquityRatio><mrv:EquityRatio contextRef="duration_4Y_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only" decimals="3" unitRef="pure">0.084</mrv:EquityRatio><mrv:ReturnOnEquity contextRef="duration_CY_only" decimals="3" unitRef="pure">0.047</mrv:ReturnOnEquity><mrv:ReturnOnEquity contextRef="duration_LY_RetrospectiveInformationDimension_cmn_PreviousYearMember_only" decimals="3" unitRef="pure">-0.161</mrv:ReturnOnEquity><mrv:ReturnOnEquity contextRef="duration_2Y_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only" decimals="3" unitRef="pure">0.531</mrv:ReturnOnEquity><mrv:ReturnOnEquity contextRef="duration_3Y_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only" decimals="3" unitRef="pure">1.028</mrv:ReturnOnEquity><mrv:ReturnOnEquity contextRef="duration_4Y_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only" decimals="3" unitRef="pure">1.091</mrv:ReturnOnEquity><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_only_21" decimals="3" unitRef="pure">0.611</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_PreviousYearMember_only_21" decimals="3" unitRef="pure">0.702</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only_21" decimals="3" unitRef="pure">0.614</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only_21" decimals="3" unitRef="pure">0.554</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only_21" decimals="3" unitRef="pure">0.604</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_only_22" decimals="3" unitRef="pure">0.206</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_PreviousYearMember_only_22" decimals="3" unitRef="pure">0.182</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only_22" decimals="3" unitRef="pure">0.000</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only_22" decimals="3" unitRef="pure">-0.048</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only_22" decimals="3" unitRef="pure">0.052</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_only_23" decimals="3" unitRef="pure">0.123</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_PreviousYearMember_only_23" decimals="3" unitRef="pure">0.089</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only_23" decimals="3" unitRef="pure">0.000</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only_23" decimals="3" unitRef="pure">-0.126</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only_23" decimals="3" unitRef="pure">-0.014</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_CY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_only_24" decimals="3" unitRef="pure">0.072</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_LY_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_PreviousYearMember_only_24" decimals="3" unitRef="pure">-0.086</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_2Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_TwoYearsAgoMember_only_24" decimals="3" unitRef="pure">-0.063</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_3Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_ThreeYearsAgoMember_only_24" decimals="3" unitRef="pure">-0.185</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:ValueOfKeyFigureOrFinancialRatio contextRef="duration_4Y_IdentificationOfKeyFigureOrFinancialRatioDimension_mrv_keyFigureOrFinancialRatioIdentifier_RetrospectiveInformationDimension_cmn_FourYearsAgoMember_only_24" decimals="3" unitRef="pure">-0.087</mrv:ValueOfKeyFigureOrFinancialRatio><mrv:InformationOnCalculationOfKeyFiguresAndFinancialRatios contextRef="duration_CY_only">¹ 2020 comparative information has been updated for accounting policy changes. Prior years (2019, 2018 and 2017) have not been restated. The changes are similar to the described effects on page 11.<br/>²⾠Please refer to page 28 for definitions on key financial figures</mrv:InformationOnCalculationOfKeyFiguresAndFinancialRatios><fsa:CostOfSales contextRef="duration_CY_only" decimals="-3" unitRef="USD">240792000</fsa:CostOfSales><fsa:CostOfSales contextRef="duration_LY_only" decimals="-3" unitRef="USD">220139000</fsa:CostOfSales><fsa:OtherOperatingIncome contextRef="duration_CY_only" decimals="-3" unitRef="USD">625000</fsa:OtherOperatingIncome><fsa:OtherOperatingIncome contextRef="duration_LY_only" decimals="-3" unitRef="USD">0</fsa:OtherOperatingIncome><fsa:OtherExternalExpenses contextRef="duration_CY_only" decimals="-3" unitRef="USD">251031000</fsa:OtherExternalExpenses><fsa:OtherExternalExpenses contextRef="duration_LY_only" decimals="-3" unitRef="USD">384999000</fsa:OtherExternalExpenses><fsa:GrossProfitLoss contextRef="duration_CY_only" decimals="-3" unitRef="USD">127460000</fsa:GrossProfitLoss><fsa:GrossProfitLoss contextRef="duration_LY_only" decimals="-3" unitRef="USD">134222000</fsa:GrossProfitLoss><fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss contextRef="duration_CY_only" decimals="-3" unitRef="USD">31627000</fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss><fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss contextRef="duration_LY_only" decimals="-3" unitRef="USD">129712000</fsa:DepreciationAmortisationExpenseAndImpairmentLossesOfPropertyPlantAndEquipmentAndIntangibleAssetsRecognisedInProfitOrLoss><fsa:OtherOperatingExpenses contextRef="duration_CY_only" decimals="-3" unitRef="USD">51727000</fsa:OtherOperatingExpenses><fsa:OtherOperatingExpenses contextRef="duration_LY_only" decimals="-3" unitRef="USD">68220000</fsa:OtherOperatingExpenses><fsa:IncomeFromInvestmentsInGroupEnterprises contextRef="duration_CY_only" decimals="-3" unitRef="USD">19054000</fsa:IncomeFromInvestmentsInGroupEnterprises><fsa:IncomeFromInvestmentsInGroupEnterprises contextRef="duration_LY_only" decimals="-3" unitRef="USD">20563000</fsa:IncomeFromInvestmentsInGroupEnterprises><fsa:IncomeFromInvestmentsInAssociates contextRef="duration_CY_only" decimals="-3" unitRef="USD">-104000</fsa:IncomeFromInvestmentsInAssociates><fsa:IncomeFromInvestmentsInAssociates contextRef="duration_LY_only" decimals="-3" unitRef="USD">-242000</fsa:IncomeFromInvestmentsInAssociates><fsa:OtherFinanceIncome contextRef="duration_CY_only" decimals="-3" unitRef="USD">26353000</fsa:OtherFinanceIncome><fsa:OtherFinanceIncome contextRef="duration_LY_only" decimals="-3" unitRef="USD">9666000</fsa:OtherFinanceIncome><fsa:FinanceExpensesArisingFromGroupEnterprises contextRef="duration_CY_only" decimals="-3" unitRef="USD">6854000</fsa:FinanceExpensesArisingFromGroupEnterprises><fsa:FinanceExpensesArisingFromGroupEnterprises contextRef="duration_LY_only" decimals="-3" unitRef="USD">15530000</fsa:FinanceExpensesArisingFromGroupEnterprises><fsa:RestOfOtherFinanceExpenses contextRef="duration_CY_only" decimals="-3" unitRef="USD">56774000</fsa:RestOfOtherFinanceExpenses><fsa:RestOfOtherFinanceExpenses contextRef="duration_LY_only" decimals="-3" unitRef="USD">40737000</fsa:RestOfOtherFinanceExpenses><fsa:ProfitLossFromOrdinaryActivitiesBeforeTax contextRef="duration_CY_only" decimals="-3" unitRef="USD">26406000</fsa:ProfitLossFromOrdinaryActivitiesBeforeTax><fsa:ProfitLossFromOrdinaryActivitiesBeforeTax contextRef="duration_LY_only" decimals="-3" unitRef="USD">-89990000</fsa:ProfitLossFromOrdinaryActivitiesBeforeTax><fsa:TaxExpense contextRef="duration_CY_only" decimals="-3" unitRef="USD">1193000</fsa:TaxExpense><fsa:TaxExpense contextRef="duration_LY_only" decimals="-3" unitRef="USD">896000</fsa:TaxExpense><fsa:LandAndBuildings contextRef="instant_CY_only" decimals="-3" unitRef="USD">2934000</fsa:LandAndBuildings><fsa:LandAndBuildings contextRef="instant_LY_only" decimals="-3" unitRef="USD">4006000</fsa:LandAndBuildings><fsa:FixturesFittingsToolsAndEquipment contextRef="instant_CY_only" decimals="-3" unitRef="USD">4850000</fsa:FixturesFittingsToolsAndEquipment><fsa:FixturesFittingsToolsAndEquipment contextRef="instant_LY_only" decimals="-3" unitRef="USD">5246000</fsa:FixturesFittingsToolsAndEquipment><fsa:Ships contextRef="instant_CY_only" decimals="-3" unitRef="USD">1643951000</fsa:Ships><fsa:Ships contextRef="instant_LY_only" decimals="-3" unitRef="USD">1040654000</fsa:Ships><fsa:PrepaymentsForPropertyPlantAndEquipment contextRef="instant_CY_only" decimals="-3" unitRef="USD">11996000</fsa:PrepaymentsForPropertyPlantAndEquipment><fsa:PrepaymentsForPropertyPlantAndEquipment contextRef="instant_LY_only" decimals="-3" unitRef="USD">12024000</fsa:PrepaymentsForPropertyPlantAndEquipment><fsa:PropertyPlantAndEquipment contextRef="instant_CY_only" decimals="-3" unitRef="USD">1663731000</fsa:PropertyPlantAndEquipment><fsa:PropertyPlantAndEquipment contextRef="instant_LY_only" decimals="-3" unitRef="USD">1061930000</fsa:PropertyPlantAndEquipment><fsa:LongtermInvestmentsInGroupEnterprises contextRef="instant_CY_only" decimals="-3" unitRef="USD">126261000</fsa:LongtermInvestmentsInGroupEnterprises><fsa:LongtermInvestmentsInGroupEnterprises contextRef="instant_LY_only" decimals="-3" unitRef="USD">804404000</fsa:LongtermInvestmentsInGroupEnterprises><fsa:LongtermInvestmentsInAssociates contextRef="instant_CY_only" decimals="-3" unitRef="USD">1473000</fsa:LongtermInvestmentsInAssociates><fsa:LongtermInvestmentsInAssociates contextRef="instant_LY_only" decimals="-3" unitRef="USD">1588000</fsa:LongtermInvestmentsInAssociates><fsa:LongtermInvestmentsAndReceivables contextRef="instant_CY_only" decimals="-3" unitRef="USD">127734000</fsa:LongtermInvestmentsAndReceivables><fsa:LongtermInvestmentsAndReceivables contextRef="instant_LY_only" decimals="-3" unitRef="USD">805992000</fsa:LongtermInvestmentsAndReceivables><fsa:NoncurrentAssets contextRef="instant_CY_only" decimals="-3" unitRef="USD">1791465000</fsa:NoncurrentAssets><fsa:NoncurrentAssets contextRef="instant_LY_only" decimals="-3" unitRef="USD">1867922000</fsa:NoncurrentAssets><fsa:Inventories contextRef="instant_CY_only" decimals="-3" unitRef="USD">48658000</fsa:Inventories><fsa:Inventories contextRef="instant_LY_only" decimals="-3" unitRef="USD">22306000</fsa:Inventories><fsa:ShorttermTradeReceivables contextRef="instant_CY_only" decimals="-3" unitRef="USD">88257000</fsa:ShorttermTradeReceivables><fsa:ShorttermTradeReceivables contextRef="instant_LY_only" decimals="-3" unitRef="USD">100648000</fsa:ShorttermTradeReceivables><fsa:OtherShorttermReceivables contextRef="instant_CY_only" decimals="-3" unitRef="USD">31123000</fsa:OtherShorttermReceivables><fsa:OtherShorttermReceivables contextRef="instant_LY_only" decimals="-3" unitRef="USD">22780000</fsa:OtherShorttermReceivables><fsa:DeferredIncomeAssets contextRef="instant_CY_only" decimals="-3" unitRef="USD">4981000</fsa:DeferredIncomeAssets><fsa:DeferredIncomeAssets contextRef="instant_LY_only" decimals="-3" unitRef="USD">1791000</fsa:DeferredIncomeAssets><fsa:CashAndCashEquivalents contextRef="instant_CY_only" decimals="-3" unitRef="USD">143840000</fsa:CashAndCashEquivalents><fsa:CashAndCashEquivalents contextRef="instant_LY_only" decimals="-3" unitRef="USD">57635000</fsa:CashAndCashEquivalents><fsa:CurrentAssets contextRef="instant_CY_only" decimals="-3" unitRef="USD">316859000</fsa:CurrentAssets><fsa:CurrentAssets contextRef="instant_LY_only" decimals="-3" unitRef="USD">205160000</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:RetainedEarnings contextRef="instant_CY_only" decimals="-3" unitRef="USD">397884000</fsa:RetainedEarnings><fsa:RetainedEarnings contextRef="instant_LY_only" decimals="-3" unitRef="USD">390354000</fsa:RetainedEarnings><fsa:HedgeFund contextRef="instant_CY_only" decimals="-3" unitRef="USD">-1534000</fsa:HedgeFund><fsa:HedgeFund contextRef="instant_LY_only" decimals="-3" unitRef="USD">809000</fsa:HedgeFund><fsa:OtherProvisions contextRef="instant_CY_only" decimals="-3" unitRef="USD">45176000</fsa:OtherProvisions><fsa:OtherProvisions contextRef="instant_LY_only" decimals="-3" unitRef="USD">45176000</fsa:OtherProvisions><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:OtherLongtermPayables contextRef="instant_CY_only" decimals="-3" unitRef="USD">1247091000</fsa:OtherLongtermPayables><fsa:OtherLongtermPayables contextRef="instant_LY_only" decimals="-3" unitRef="USD">167922000</fsa:OtherLongtermPayables><fsa:LongtermLiabilitiesOtherThanProvisions contextRef="instant_CY_only" decimals="-3" unitRef="USD">1247091000</fsa:LongtermLiabilitiesOtherThanProvisions><fsa:LongtermLiabilitiesOtherThanProvisions contextRef="instant_LY_only" decimals="-3" unitRef="USD">167922000</fsa:LongtermLiabilitiesOtherThanProvisions><fsa:ShorttermTradePayables contextRef="instant_CY_only" decimals="-3" unitRef="USD">34587000</fsa:ShorttermTradePayables><fsa:ShorttermTradePayables contextRef="instant_LY_only" decimals="-3" unitRef="USD">14027000</fsa:ShorttermTradePayables><fsa:ShorttermTaxPayables contextRef="instant_CY_only" decimals="-3" unitRef="USD">11000</fsa:ShorttermTaxPayables><fsa:ShorttermTaxPayables contextRef="instant_LY_only" decimals="-3" unitRef="USD">155000</fsa:ShorttermTaxPayables><fsa:OtherShorttermPayables contextRef="instant_CY_only" decimals="-3" unitRef="USD">237267000</fsa:OtherShorttermPayables><fsa:OtherShorttermPayables contextRef="instant_LY_only" decimals="-3" unitRef="USD">1326797000</fsa:OtherShorttermPayables><fsa:ShorttermLiabilitiesOtherThanProvisions contextRef="instant_CY_only" decimals="-3" unitRef="USD">271865000</fsa:ShorttermLiabilitiesOtherThanProvisions><fsa:ShorttermLiabilitiesOtherThanProvisions contextRef="instant_LY_only" decimals="-3" unitRef="USD">1340979000</fsa:ShorttermLiabilitiesOtherThanProvisions><fsa:LiabilitiesOtherThanProvisions contextRef="instant_CY_only" decimals="-3" unitRef="USD">1564132000</fsa:LiabilitiesOtherThanProvisions><fsa:LiabilitiesOtherThanProvisions contextRef="instant_LY_only" decimals="-3" unitRef="USD">1554077000</fsa:LiabilitiesOtherThanProvisions><fsa:LiabilitiesAndEquity contextRef="instant_CY_only" decimals="-3" unitRef="USD">2108324000</fsa:LiabilitiesAndEquity><fsa:LiabilitiesAndEquity contextRef="instant_LY_only" decimals="-3" unitRef="USD">2073082000</fsa:LiabilitiesAndEquity><fsa:DisclosureOfUncertaintiesRelatingToGoingConcern contextRef="duration_CY_only">As part of the business model in TORM, TORM A/S has bareboat agreements (short term leases) with group companies, which are nullified on a continuing basis through dividends, capital increases, etc. Consequently, the current intercompany liability towards subsidiaries is expected to be settled during 2022.<br/><br/>The financing agreement with the its Parent Company TORM plc. has been extended to 2023. <br/><br/>Based on the financial position of TORM A/S and the longer term outlook for operations and earnings, Management deems that TORM A/S is going concern.</fsa:DisclosureOfUncertaintiesRelatingToGoingConcern><fsa:DisclosureOfRevenue contextRef="duration_CY_only">All revenue is derived from transportation of refined oil products such as gasoline, jet fuel and naphtha. TORM A/S has only one geographical segment, because we consider the global product tanker market to be one market and because the individual vessels are not limited to specific parts of the world.</fsa:DisclosureOfRevenue><fsa:DisclosureOfGrossProfitLoss contextRef="duration_CY_only">ALLOCATION OF PROFIT/(LOSS) FOR THE YEAR<br/><br/>USD ('000) 2021 2020<br/>The Board of Directors recommends that the net profit/(loss) for the year be allocated as follows:<br/> Retained earnings 25,213 -90,886 <br/>Total 25,213 -90,886 </fsa:DisclosureOfGrossProfitLoss><fsa:DisclosureOfEmployeeBenefitsExpense contextRef="duration_CY_only">Staff costs included in operating expenses 9,716 9,212 <br/>Staff costs included in administrative expenses 28,171 28,602 <br/>Total 37,887 37,814 <br/> <br/>Staff costs comprise the following <br/>Wages and salaries 30,316 31,286 <br/>Pension costs 2,876 2,682 <br/>Other social security costs 4,695 3,846 <br/>Total 37,887 37,814 <br/><br/><br/>Executive Management and selected employees participate in an equity-settled, share-based compensation plan related to shares in TORM plc. The fair value of the employee services received in exchange for the grant of shares is recognized as an expense and allocated over the vesting period. During the year TORM A/S has recognized an expense of USD 2.3m (2020: USD 1.7m). <br/><br/>The majority of the seafarers on vessels are on short term contracts. The number of seafarers on short-term contracts in 2021 was on average 1,449 (2020: 1,474). Total seafarers costs in 2021 was USD 75.9m (2020: USD 80.5m), which has been included in âOperating expensesâ.</fsa:DisclosureOfEmployeeBenefitsExpense><fsa:InformationOnRemunerationOfManagementCategoriesAndSpecialIncentiveProgrammes contextRef="duration_CY_only">Staff costs include salaries to the Executive Board and remuneration to the Board of Directors of USD 2.3m (2020: USD 2.2m).</fsa:InformationOnRemunerationOfManagementCategoriesAndSpecialIncentiveProgrammes><fsa:AverageNumberOfEmployees contextRef="duration_CY_only" decimals="0" unitRef="pure">232</fsa:AverageNumberOfEmployees><fsa:AverageNumberOfEmployees contextRef="duration_LY_only" decimals="0" unitRef="pure">249</fsa:AverageNumberOfEmployees><fsa:DisclosureOfIncomeIncludingDividendIncomeFromInvestmentsInGroupEnterprisesAndAssociates contextRef="duration_CY_only">Dividends from subsidiaries 19,054 20,563 <br/>Total 19,054 20,563 </fsa:DisclosureOfIncomeIncludingDividendIncomeFromInvestmentsInGroupEnterprisesAndAssociates><fsa:DisclosureOfOtherFinanceIncome contextRef="duration_CY_only">Interest from group enterprises 26,290 9,380 <br/>Other financial income 63 286 <br/>Total 26,353 9,666 </fsa:DisclosureOfOtherFinanceIncome><fsa:DisclosureOfOtherFinanceExpenses contextRef="duration_CY_only">Interest to group enterprises 44,985 25,907 <br/>Interest external financing 9,355 12,538 <br/>Exchange rate adjustments 1,124 761 <br/>Other financial expenses 1,310 1,531 <br/>Total 56,774 40,737 </fsa:DisclosureOfOtherFinanceExpenses><fsa:InformationOnAuditorsFees contextRef="duration_CY_only">Remuneration to auditors appointed at TORM A/Sâ Annual General Meeting is not disclosed with reference to the Danish Financial Statements Act Section 96 paragraph 3.</fsa:InformationOnAuditorsFees><fsa:DisclosureOfPropertyPlantAndEquipment contextRef="duration_CY_only">USD ('000) Vessels and capitalized dry-docking Prepayments on vessels Other plant and operating equipment Buildings<br/>COST <br/>Balance as of 1 January 2021 1,188,400 12,024 22,115 6,322 <br/>Additions 563,143 78,542 1,259 58 <br/>Disposals -37,307 - -112 -<br/>Transfer to/from 78,570 -78,570 - -<br/>Balance as of 31 December 2021 1,792,806 11,996 23,262 6,380 <br/> <br/>DEPRECIATION AND IMPAIRMENT LOSSES <br/>Balance as of 1 January 2021 147,746 - 16,869 2,316 <br/>Depreciation for the year 87,461 - 1,655 1,130 <br/>Reversal of impairment for the year -61,147 - - -<br/>Disposals -25,205 - -112 -<br/>Balance as of 31 December 2021 148,855 - 18,412 3,446 <br/> <br/>Carrying amount as of 31 December 2021 1,643,951 11,996 4,850 2,934 <br/> <br/>Hereof leased assets (right of use assets) 350,576 - 242 2,934 <br/><br/>During the year borrowing costs of USD 0.6m have been capitalized in Prepayments on vessels.<br/><br/>As of 31 December 2021 and 2020, Management tested the carrying amount of its vessels for impairment within CGUs, being the Main Fleet and the two handysize vessels. Based on this review Management concluded that as of 31 December 2021 the value in use exceeded the carrying amount of the Main fleet cash generating unit, and therefore a reversal of impairment of vessels and capitalized dry-docking of USD 61.1m pertaining to 2020 was recognized. The primary driver of the impairment reversal is the improved conditions and outlook in the product tanker market towards year-end. <br/><br/>In addition an impairment of USD 3.0m has been recognized in the income statement during the year in relation to sold vessels.<br/><br/>KEY ASSUMPTIONS USED IN THE DETERMINATION OF VALUE IN USE<br/>The assessment of the value in use of each CGU was based on the net present value of the expected future cash flows. The freight rate estimates in the period 2022-2024 are based on TORMâs business plans. Beyond 2024, the freight rates are based on TORMâs 10-year historical average rates, adjusted for expected inflation of 2% in line with US Federal Reserve and ECB target over the medium term. TORM believes that the approach used for long-term rates appropriately reflects the cyclical nature of the shipping industry and is the most reliable estimate for periods beyond those included in its three-year business plan.<br/><br/>TORMâs business plans for 2022-2024 and beyond also include the anticipated benefit arising from the installation of scrubbers on certain of the Groupâs vessels (the âscrubber premiumâ), based on current market differentials between the cost of heavy and low sulfur fuel oil.<br/>As part of determining fair value, the impact from climate changes and the climate agenda on the global oil demand, emission regulations and operating expenses, etc., have been considered with focus on the short to medium term implications and our commitment to reduce CO2 emissions by 40% by 2025 and 45% by 2030. However, no adverse impact from climate changes have been anticipated in impairment testing our current fleet. We continue to monitor the development closely and are working on more specific plans for our ambition to have zero CO2 emissions from operating our fleet by 2050, which may impact our impairment testing in the future.<br/><br/>The discount rate used in the value in use calculation is based on a Weighted Average Cost of Capital (WACC) of 6.7% as of 31 December 2021 (2020: 7.0%). WACC is calculated by using a standard WACC model in which cost of equity, cost of debt and capital structure are the key parameters.<br/><br/>As of 31 December 2021, the 10-year historical average spot freight rates used in the value in use calculation are as follows:<br/><br/>⢠LR2: USD/day 19,111 (2020: USD/day 18,884)<br/>⢠LR1: USD/day 17,856 (2020: USD/day 17,443)<br/>⢠MR: USD/day 16,044 (2020: USD/day 16,076)<br/>⢠Handysize: USD/day 13,208 (2020: USD/day)<br/><br/>Operating expenses and administrative expenses are estimated based on TORM's business plans for the period 2022-2024. Beyond 2024, operating expenses are adjusted for 2% inflation (2020: 2%) and administrative expenses are adjusted for 2% inflation (2020: 2%) in line with US Federal Reserve and ECB target over the medium term.<br/><br/>The product tankers are expected to generate normal income for 25 years from delivery from the shipyard. Given the current age profile of the tanker fleet, the average remaining life would be approximately 14 years (2020: approximately 15 years). The estimated residual value of the vessels is based on TORMâs green recycling policy. The impairment test has been prepared on the basis that TORM A/S will continue to operate its vessels as a fleet in the current set-up.<br/><br/>Please also refer to note 20 for further information on freight rate developments after 31 December 2021.<br/> </fsa:DisclosureOfPropertyPlantAndEquipment><fsa:DisclosureOfInvestments contextRef="duration_CY_only">USD ('000) Investments in subsidiaries Investments in participating interests<br/>COST <br/>Balance as of 1 January 2021 1,559,426 331 <br/>Additions 83,600 - <br/>Disposals -1,499,367 - <br/>Balance as of 31 December 2021 143,659 331 <br/> <br/>VALUE ADJUSTMENT <br/>Balance as of 1 January 2021 -755,022 1,257 <br/>Impairment -6,854 -<br/>Value adjustment for the year - 160 <br/>Disposals 744,478 -275 <br/>Balance as of 31 December 2021 -17,398 1,142 <br/> <br/>Carrying amount as of 31 December 2021 126,261 1,473 <br/> <br/><br/>Impairment of investment in subsidiaries of USD 6.9m was recognized during the year and relates to subsidiaries under liquidation. Disposal of investments during the year primarily relate to dissolved subsidiaries.<br/>INVESTMENTS IN PARTICIPATING INTERESTS<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 6 <br/> <br/><br/>INVESTMENTS IN SUBSIDIARIES<br/>Entity ¹⾠Country Profit/ (loss) for the year (USDm) Equity (USDm)<br/>TORM Crewing Services Ltd Bermuda 0 -3 <br/>TORM Shipping (Phils.), Inc Philippines 0 2 <br/>TORM Shipping India Private ltd. India 1 3 <br/>TORM Singapore PTE. LTD. Singapore 20 139 <br/>TORM USA LLC United States 0 0 <br/>OCM Singapore Njords Holdings Alice, Pte. Ltd.²⾠Singapore 0 0 <br/>OCM Singapore Njords Holdings Almena, Pte. Ltd. Singapore 0 0 <br/>OCM Singapore Njords Holdings Hardrada, Pte. Ltd. Singapore 0 0 <br/>OCM Singapore Njords Holdings St. Michaelis, Pte. Ltd. Singapore 0 0 <br/>OCM Singapore Njords Holdings St. Gabriel, Pte. Ltd. Singapore 0 0 <br/>OCM Singapore Njords Holdings Agnete, Pte. Ltd. Singapore 0 0 <br/>OCM Singapore Njords Holdings Alexandra, Pte. Ltd.²⾠Singapore 0 0 <br/>VesselCo 8 Pte. Ltd. Singapore 0 0 <br/>VesselCo A ApS ²⾠Denmark 0 0 <br/>VesselCo C ApS ²⾠Denmark 0 0 <br/>VesselCo E ApS ²⾠Denmark 0 0 <br/>VesselCo F ApS ²⾠Denmark 0 0 <br/>DK Vessel Holdco GP ApS²⾠Denmark 0 0 <br/>DK Vessel Holdco K/S²⾠Denmark 0 0 <br/>¹⾠Ownership and voting rights for all subsidiaries are 100%, except TORM Shipping (Phils), Inc which is 25%.<br/>²⾠Dissolved during the year</fsa:DisclosureOfInvestments><fsa:ExplanationOfPrepayments contextRef="duration_CY_only">Prepaid insurance premiums 780 669 <br/>Prepaid bareboat hire 408 301 <br/>Customer contract assets 2,025 -<br/>Other prepaid expenses 1,768 821 <br/>Total 4,981 1,791 <br/>Customer contract assets were in 2020 recognized in trade payables and amounted to USD 1.4m.<br/> <br/></fsa:ExplanationOfPrepayments><fsa:DisclosureOfEquity contextRef="duration_CY_only">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/>The number of shares is unchanged in the past five years.</fsa:DisclosureOfEquity><fsa:DisclosureOfProvisions contextRef="duration_CY_only">Since 2020 TORM A/S was involved in two cargo claims, both relating to one customer having issued indemnities to TORM for safe discharge of cargoes, and not being able to honor those indemnity obligations. Both cases involved irregular activities by the customer in relation to the handling of bills of lading. Legal action has been initiated by TORM A/S in the UK and in India against the customer and a number of individual owners and management representatives. TORM A/S has recognized provisions in the total amount of USD 18.3m relating to the two claims. The proceedings are ongoing and therefore the provisions recognized are subject to uncertainty related to both timing and amount.</fsa:DisclosureOfProvisions><fsa:DisclosureOfLongtermLiabilities contextRef="duration_CY_only">NON-CURRENT TAX LIABILITY RELATED TO HELD OVER GAINS<br/><br/>The non-current tax liability related to held over gains is the undiscounted income tax payable calculated on the realized gain on sale of vessels that came from corporate income taxation into the Danish tonnage tax scheme upon initial application in 2001 (the held over gain reflected in the transition account under the Danish tonnage tax scheme). This tax liability will become payable, in part or in full, if the Danish owned fleet of vessels is significantly or fully disposed of, or if operated to end of useful life and sold for scrap. <br/><br/>If TORM discontinues its participation in the Danish tonnage tax scheme, a deferred tax liability would arise in relation to the vessels held by the Group and taken out of the tonnage tax scheme. Management considers this to be a remote scenario.<br/><br/>NON-CURRENT LIABILITIES<br/><br/>USD ('000) 2021 2020<br/>Borrowings¹⾠<br/>After 5 years 210,955 66,468 <br/>Between 1 and 5 years 234,298 105,730 <br/>Within 1 year 44,702 17,557 <br/>Total 489,955 189,755 <br/>¹⾠The presented amounts to be repaid do not include related costs arising from the issuing of the loans of USD 7.355k (2020: USD 4,227k), which are amortized over the term of the loans.<br/> <br/>Hereof leases 244,317 4,964 <br/> <br/>Number of vessel leases 10 -<br/>Number of building leases 4 4 <br/>Number of other plant operating equipment leases 13 14 </fsa:DisclosureOfLongtermLiabilities><fsa:DisclosureOfRelatedParties contextRef="duration_CY_only">Parent entities <br/>TORM A/S 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/>During the year the following transactions with related parties have occured:<br/><br/>USD ('000) 2021 2020<br/> <br/>Transactions with parent company: <br/>Bareboat hire expense 32,132 70,338 <br/> <br/>Transactions with subsidiaries: <br/>Bareboat hire expense 33,109 140,472 <br/>Management fee income 3 15 <br/>Management fee expense 16,390 14,971 <br/>Vessel acquisitions 11,630 742,326 <br/><br/>Please also refer to note 2 for Management remuneration, note 3 for dividends from subsidiaries, note 4 for financial income from group enterprises, note 5 for financial expenses to group enterprises.<br/><br/>Consolidated Financial Statements<br/>TORM A/S and its subsidiaries are included in the consolidated financial statements of the Parent Company TORM plc, United Kingdom.</fsa:DisclosureOfRelatedParties><fsa:OtherDisclosures contextRef="duration_CY_only">Consolidated Financial<br/>Statements TORM A/S 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 />STATEMENT OF CHANGES IN EQUITY<br/>Common shares Hedging reserves Translation reserves Retained earnings Total<br/> <br/>Equity as of 1 January 2020 141,946 -848 5,896 460,235 607,229 <br/> <br/>Effects from implementing IFRS 15 and IFRS 16 -676 -676 <br/>Adjusted equity as of 01 January 2020 141,946 -848 5,896 459,559 606,553 <br/> <br/>Changes in equity for 2020 <br/>Net profit/(loss) for the year - - - -90,886 -90,886 <br/>Financial derivatives - 1,657 - - 1,657 <br/>Share-based compensation - - - 1,681 1,681 <br/>Total changes in equity 2020 - 1,657 - -89,205 -87,548 <br/> <br/>Equity as of 31 December 2020 141,946 809 5,896 370,354 519,005 <br/> <br/>Changes in equity for 2021 <br/>Net profit/(loss) for the year - - - 25,213 25,213 <br/>Financial derivatives - -2,343 - - -2,343 <br/>Share-based compensation - - - 2,317 2,317 <br/>Total changes in equity 2021 - -2,343 - 27,530 25,187 <br/> <br/>Equity as of 31 December 2021 141,946 -1,534 5,896 397,884 544,192 <br />CASH AND CASH EQUIVALENTS, INCLUDING RESTRICTED CASH<br/><br/>Cash and cash equivalents, including restricted cash include USD 5.9m (2020: USD 34.7m) in restricted cash provided as security for initial margin calls and negative market values on derivatives etc.<br />FINANCIAL INSTRUMENTS<br/><br/>USD ('000) 2021 2020<br/>FAIR VALUE OF DERIVATIVES <br/>Derivative financial instruments regarding freight and bunkers:<br/>Forward freight agreements 378 -3,097 <br/>Bunker swaps 295 4,266 <br/> <br/>Derivative financial instruments regarding interest and currency exchange rate:<br/>Forward exchange contracts -1,589 -<br/>Interest rate swaps - 52 <br/>Total -916 1,221 <br/> <br/>Of which included in: <br/> <br/>Current assets <br/>Other receivables 840 4,318 <br/> <br/>Current liabilities <br/>Other liabilities -1,756 -3,097 <br/>Total -916 1,221 <br/> <br/>In 2021, 100% (2020: 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. 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.<br />ACCOUNTING POLICY CHANGES<br/><br/>Below is presented the effects on income statement and balance sheet of the accounting policies changes. Please refer to page 11 for further description.<br/><br/>USD '000 Reported 2020 Accounting policy changes Adjusted 2020<br/> Revenue 739,360 739,360 <br/> Port expenses, bunkers and commissions -220,139 -220,139 <br/>Time charter equivalent earnings (TCE) 519,221 519,221 <br/> <br/> Charter hire -210,810 -210,810 <br/> Operating expenses -174,189 -174,189 <br/>Gross profit/(loss) (Net earnings from shipping activities) 134,222 134,222 <br/> <br/> Administrative expenses -35,470 1,433 -34,037 <br/> Other operating expenses -34,183 -34,183 <br/>EBITDA 64,569 1,433 66,002 <br/> <br/> Depreciation -58,470 -1,308 -59,778 <br/> Impairment of vessels -69,934 -69,934 <br/>Operating profit/(loss) (EBIT) -63,835 125 -63,710 <br/> <br/> Income from investments in subsidiaries 20,563 20,563 <br/> Income/(loss) from participating interests -242 -242 <br/> Impairment of investments in subsidiaries -15,530 -15,530 <br/> Financial income 9,666 9,666 <br/> Financial expenses -40,564 -173 -40,737 <br/>Profit/(loss) before tax -89,942 -48 -89,990 <br/> <br/> Tax expense -896 -896 <br/>Net profit/(loss) for the year -90,838 -48 -90,886 <br/><br/>USD '000 Reported 2020 Accounting policy changes Adjusted 2020<br/>ASSETS <br/>FIXED ASSETS <br/>Tangible fixed assets <br/> Vessels and capitalized dry-docking 1,040,654 1,040,654 <br/> Prepayments on vessels 12,024 12,024 <br/> Land and buildings - 4,006 4,006 <br/> Other plant and operating equipment 5,012 234 5,246 <br/>Total tangible fixed assets 1,057,690 4,240 1,061,930 <br/> <br/>Financial assets <br/> Investments in subsidiaries 804,404 804,404 <br/> Investments in participating interests 1,588 1,588 <br/>Total financial assets 805,992 805,992 <br/> <br/>Total fixed assets 1,863,682 4,240 1,867,922 <br/> <br/>CURRENT ASSETS <br/> Bunkers 22,306 22,306 <br/> Freight receivables 57,080 57,080 <br/> Intercompany receivables 43,568 43,568 <br/> Other receivables 22,780 22,780 <br/> Prepayments 1,791 1,791 <br/> Cash and cash equivalents, including restricted cash 57,635 57,635 <br/>Total current assets 205,160 205,160 <br/> <br/>Total assets 2,068,842 4,240 2,073,082 <br/> <br/><br/>USD '000 Reported 2020 Accounting policy changes Adjusted 2020<br/>EQUITY AND LIABILITIES <br/>EQUITY <br/> Common shares 141,946 141,946 <br/> Hedging reserves 809 809 <br/> Translation reserves 5,896 5,896 <br/> Retained earnings 371,078 -724 370,354 <br/>Total equity 519,729 -724 519,005 <br/> <br/>LIABILITIES <br/> Non-current tax liability related to held over gains 45,176 45,176 <br/>Total provisions 45,176 45,176 <br/> <br/>Non-current liabilities <br/> Borrowings 165,064 2,858 167,922 <br/>Total non-current liabilities 165,064 2,858 167,922 <br/> <br/>Current liabilities <br/> Borrowings 15,499 2,106 17,605 <br/> Intercompany payables 1,260,329 1,260,329 <br/> Trade payables 14,027 14,027 <br/> Current tax liabilities 155 155 <br/> Other liabilities 30,563 30,563 <br/> Provisions 18,300 18,300 <br/>Total current liabilities 1,338,873 2,106 1,340,979 <br/> <br/>Total liabilities 1,549,113 4,964 1,554,077 <br/> <br/>Total equity and liabilities 2,068,842 4,240 2,073,082 </fsa:OtherDisclosures><fsa:DisclosureOfSignificantEventsOccurringAfterEndOfReportingPeriod contextRef="duration_CY_only">On 05 January 2022, TORM took delivery of the LR2 newbuilding vessel TORM Houston and subsequently sold the vessel to new owners in a sale and leaseback financing transaction which included purchase options for TORM.<br/><br/>On 06 January 2022, the MR vessel TORM Astrid was delivered upon completion of a sale and leaseback financing transaction which included purchase options for TORM A/S.<br/><br/>On 15 February 2022, the Handysize vessel TORM Tevere was sold to new owners. The vessel was delivered during the second quarter of 2022.<br/><br/>On 25 March 2022, the MR vessel TORM Horizon was sold to new owners. The vessel was delivered during the second quarter of 2022.<br/><br/>On 13 April 2022, the Handysize vessel TORM Gyda was sold to new owners. The vessel is expected to be delivered during the third quarter of 2022.<br/><br/>On 14 April 2022 TORM A/S purchased a second-hand LR2 vessel. The vessel was financed by a sale-and-leaseback arrangement. The vessel is expected to be delivered during third quarter of 2022.<br/><br/>On 06 May 2022, the LR2 vessel TORM Gudrun was sold to new owners. The vessel was delivered during the second quarter of 2022.<br/><br/>The geopolitical risk increased significantly following Russiaâs invasion of Ukraine in February 2022. The sanctions imposed on Russia by the Western nations increased uncertainty on the general energy market, sending the price of crude oil to the highest level since 2014. The initial sanctions were not targeting the oil trade, but have led to a partial re-routing of trade flows towards longer haul trade, resulting in freight rate hikes to levels last seen in the Spring of 2020. Recently the EU has decided to ban all imports of seaborne crude oil and petroleum products from Russia. Due to the continuous development and complexity of the situation, the impact on the tanker markets going forward is uncertain. Considering our current customer base, main suppliers and financial counterparties as well as covenants in our loan facilities, we do not expect any direct impact on our operations although we expect increased volatility in freight rates, bunker cost, foreign exchange rates, and vessel values.<br/><br/>No other events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.</fsa:DisclosureOfSignificantEventsOccurringAfterEndOfReportingPeriod><fsa:DisclosureOfMortgagesAndCollaterals contextRef="duration_CY_only">Collateral security for borrowings and guarantees <br/>Carrying amount of vessels collateralized as security for borrowings including leases (right of use assets) 1,643,951 1,040,654 <br/>Total 1,643,951 1,040,654 <br/> <br/>Contingent liabilities: <br/>Bareboat hire (related to short term leases) 41,645 63,938 <br/>Total 41,645 63,938 <br/> <br/><br/>The guarantee commitments of TORM A/S consist of vessels used as collateral for all mortgage debt within the TORM plc Group.<br/><br/>Furthermore, TORM A/S guarantees less than USD 0.1m relating to guarantee commitments to Danish Shipping.<br/><br/>TORM A/S is involved in other legal proceedings and disputes. It is Management's opinion that the outcome of these proceedings and disputes will not have any material impact on TORM A/Sâ 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 TORM A/S 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 TORM A/Sâ liability.<br/> </fsa:DisclosureOfMortgagesAndCollaterals></xbrli:xbrl>