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"value": "NOTE 1 \u2013 ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTSOverview of BusinessTORM plc is a shipping company that primarily owns and operates a fleet of product tankers and is engaged in the marine engineering industry. TORM plc is a public company limited by shares and is incorporated in England and Wales. Its registered number is 09818726, and its registered address is 4th Floor, 120 Cannon Street, London, EC4N 6AS, United Kingdom. Unless otherwise indicated, the terms \u201cTORM plc\u201d and \u201cParent Company\u201d refers solely to TORM plc and the terms \u201cwe\u201d, \u201cus\u201d, \u201cour\u201d, the \u201dCompany\u201d, and the \u201cGroup\u201d refer to TORM plc and its consolidated subsidiaries, which include TORM A/S.TORM plc is listed on Nasdaq in Copenhagen, Denmark, on Nasdaq in New York, the United States as well as having bonds listed on Oslo Stock Exchange, Norway.Basis of PreparationThe consolidated financial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards (\u201cUK-adopted IAS\u201d). The consolidated financial statements are also prepared in accordance with IFRS Accounting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d) and IFRS as adopted by the European Union (\u201cEU\u201d), as applied to financial periods beginning on or after 01 January 2024 and additional disclosure requirements for listed companies in accordance with the Danish Financial Statements Act. The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention, except where fair value accounting is specifically required by IFRS. The functional currency of the Company is USD, and the Company applies USD as the presentation currency in the preparation of the consolidated financial statements.Going ConcernAs of 31 December 2024, TORM\u2019s available liquidity including undrawn and committed facilities was USD 615m, including a total cash position of USD 291m (including cash held for dividend payment). TORM\u2019s net interest-bearing debt was USD 948m, and the net debt loan-to-value ratio was 26.8% (Tanker segment only and before dividend payment related to Q4 2024). Further information on TORM\u2019s objectives and policies for managing our capital, our financial risk management objectives, and our exposure to credit and liquidity risk can be found in note 25 to the financial statements. The principal risks and uncertainties facing TORM are set out on pages 17-21.TORM monitors our funding position throughout the year to ensure that we have access to sufficient funds to meet the forecasted cash requirements and loan commitments, and to monitor compliance with the financial covenants in our loan facilities, details of which are available in Note 2 to the financial statements.A key element for TORM\u2019s financial performance in the going concern period relates to the increased geopolitical risk following Russia\u2019s invasion of Ukraine in February 2022, while the conflicts in the Middle East are expected to have a lessor impact on the product tanker market. While the changed geopolitical landscape initially supported market dynamics, crude cannibalization significantly reduced the net positive effect in the second half of 2024. TORM\u2019s base case assumes that these dynamics will persist, albeit with a lower estimated impact on the product tanker market and resultingly with freight rates and vessel values materializing below 2024 levels. TORM monitors the general development in the geopolitical situation and potential effects on the product tanker market. In the base case, TORM has sufficient liquidity and headroom for all the covenant limits.In addition to the base case, TORM has developed a reverse stress case. The reverse stress case covers the lowest TCE rate that only just meet the minimum liquidity covenant and the lowest vessel values that do not breach any of the facilities\u2019 minimum security values in the period. In the reverse stress case, with TCE rates slightly below the lowest rolling four-quarter average since 2000 on a per vessel class basis and a related decline in vessel values, TORM maintains sufficient headroom on liquidity and covenants throughout the going concern period.The Board of Directors has considered TORM\u2019s cash flow forecasts and the expected compliance with TORM\u2019s financial covenants for the period until 31 March 2026. Based on this review, the Board of Directors has a reasonable expectation that taking reasonably possible changes in trading performance and vessel valuations into account, TORM will be able to continue in operation and comply with our financial covenants for the period until 31 March 2026. Accordingly, TORM continues to adopt the going concern basis in preparing our financial statements.Adoption of New or Amended IFRS Standards IASB has issued a number of new or amended accounting standards (IFRS) and interpretations (IFRIC). TORM has implemented the following standards and amendments issued by the IASB and adopted by the UK in the consolidated financial statements for 2024:\u2022 Amendments to IAS 1 Presentation of Financial Statements\u2022 Amendments to IFRS 16 Lease Liability in a Sale and Leaseback\u2022 Amendments to IAS 7 and IFRS 7 Supplier Finance AgreementsFor the new standards and amendments, it is assessed that application of these effective on 01 January 2024 has not had any material accounting impact, but only limited impact on disclosures on the consolidated financial statements in 2024. The below have been issued by the IASB and adopted by the UK but have not yet come into effect for consolidated financial statements of 2024:\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (January 2025)\u2022 Annual Improvements to IFRS Accounting Standards\u2014Volume 11 (January 2026)The below have been issued by the IASB and not yet adopted by the UK and not yet come into effect:\u2022 Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments (January 2026)\u2022 Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature dependent Electricity (January 2026) \u2022 IFRS 18 Presentation and Disclosure in Financial Statements (January 2027)\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (January 2027)\u2022 IFRS 10 and IAS 28 (amendments) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture issued in September 2014 (deferred indefinitely).TORM has assessed the accounting standards and interpretations above except IFRS 18, and TORM does not expect the new standards to have any material impact on neither TORM\u2019s figures nor the disclosures. The impact of IFRS 18 on the consolidated financial statements has not yet been determined on a sufficiently reliable basis. Accounting PoliciesThe Group\u2019s material accounting policy information is provided below in combination with the accounting policies described in each of the individual notes to the consolidated financial statements as outlined in the following notes:\u2022 Segment reporting\u2022 Revenue from contracts with customers\u2022 Staff costs\u2022 Intangible assets\u2022 Tangible fixed assets\u2022 Leasing\u2022 Impairment\u2022 Loan receivables\u2022 Inventories\u2022 Financial items\u2022 Trade receivables\u2022 Tax\u2022 Other liabilities\u2022 Borrowings\u2022 Derivative financial instruments\u2022 Provisions\u2022 Earnings per share\u2022 Business combinationsConsolidation PrinciplesThe consolidated financial statements comprise the financial statements of the parent company, TORM plc and entities controlled by the Company and its subsidiaries. Control is achieved when the Company has all the following:\u2022 Power over the investee\u2022 Exposure, or rights, to variable returns from its involvement with the investee\u2022 The ability to use its power over the investee to affect the amounts of the investor\u2019s returnsTORM reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities unilaterally. The Company considers all facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including:\u2022 The size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders\u2022 Potential voting rights held by the Company, other vote holders, or other parties\u2022 Rights arising from other contractual arrangements\u2022 Any additional facts and circumstances which indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time when decisions need to be made, including voting pattern at previous shareholders\u2019 meetingsEntities in which the Group exercises significant but not controlling influence are regarded as associated companies and are accounted for using the equity method.Companies which are managed jointly by agreement with one or more companies and therefore aresubject to joint control (joint ventures) are accounted for using the equity method.Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ends when the Company loses control over the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated income statement and other comprehensive income from the date on which the Company obtains control until the date when the Company loses control over the subsidiary.The consolidated financial statements are prepared using consistent accounting policies and eliminating intercompany transactions, balances, and shareholdings as well as gains and losses on transactions between the consolidated entities. Foreign CurrenciesThe functional currency of all significant entities, including subsidiaries and associated companies,is United States Dollars (USD) because the Company\u2019s vessels operate in international shipping markets, in which income and expenses are settled in USD, and because the Company\u2019s most significant assets and liabilities in the form of vessels and related liabilities are denominated in USDTransactions in currencies other than the functional currency are translated into the functional currency at the transaction date. Cash, receivables and payables and other monetary items denominated in currencies other than the functional currency are translated into the functional currency at the exchange rate at the balance sheet date. Gains or losses due to differences between the exchange rate at the transaction date and the exchange rate at the settlement date othe balance sheet date are recognized in the income statement under \u201cFinancial income\u201d and \u201cFinancial expenses\u201d. The reporting currency of the Company is USD. Upon recognition of entities with functional currencies other than USD, the financial statements are translated into USD. Income statement items are translated into USD at the exchange rate for each transaction, whereas balance sheet items are translated at the exchange rate as of the balance sheet date. Exchange differences arising from the translation of financial statements into USD are recognized as a separate component in \u201cOther comprehensive income\u201d. On the disposal of an entity, the cumulative amountof the exchange differences recognized in the separate component of equity relating to that entity is transferred to the income statement as part of the gain or loss on disposal.Income StatementPort expenses, bunkers, and commissions and other costs of goods and services soldPort expenses, bunker fuel consumption, commissions, and other costs of goods sold are recognized as incurred. To the extent that the costs are recoverable, costs directly attributable to relocate the vessel to the load port are capitalized and amortized over the course of the transportation period.Gains and losses on forward bunker contracts, forward freight agreements (FFA) as well as write-down for losses on trade receivables are included in this line.Operating expensesOperating expenses, which comprise crew expenses, repair and maintenance expenses, and tonnage duty, are expensed as incurred.Profit from sale of vesselsProfit from sale of vessels is recognized at the time of delivery to the buyer, representing the difference between the sales price less costs to sell and the carrying value of the vessel.Administrative expensesAdministrative expenses, which comprise administrative staff costs, management costs, office expenses, and other expenses relating to administration, are expensed as incurred.Other operating expenses and incomeOther operating expenses primarily comprise management fees paid to commercial and technical managers for managing the fleet, profits and losses deriving from the disposal of fixed assets other than vessels as well as claims and disputes provisions.Depreciation and impairment losses and reversals of impairment lossesDepreciation and impairment losses comprise depreciation of tangible fixed assets for the year 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 fair value less costs to sell.Subsequent reversal of impairment losses is recognized if the recoverable amount exceeds the carrying amount to the extent that the carrying amount does not exceed the carrying amount without any historical impairment losses.Balance SheetFinancial assetsFinancial assets are initially recognized on the settlement date at fair value plus transaction costs, except for financial assets at fair value through profit or loss, which are recognized at fair value. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred.Investments in joint venturesInvestments in joint ventures comprise investments in companies which by agreement are managed jointly with one or more companies and therefore are subject to joint control and in whichthe parties have rights to the net assets of the joint venture. Joint ventures are accounted for usingthe equity method. Under the equity method, the investment in joint ventures is initially recognizedat cost and thereafter adjusted to recognize TORM\u2019s share of the profit or loss in the joint venture. When TORM\u2019s share of losses in a joint venture exceeds the investment in the joint venture, TORM discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that TORM has incurred legal or constructive obligations or made payments on behalf of thejoint venture.Treasury sharesTreasury shares are recognized as a separate component of equity at cost. Upon subsequent disposal of treasury shares, any consideration is also recognized directly in equity.DividendInterim dividends are recognized when paid. Any year-end dividend is recognized as a liability at thedate of approval at the AGM.Other non-current liabilitiesOther non-current liabilities consist of long-term employee-related liabilities related to the frozen Danish holiday funds in connection with the transition to the new Danish Holiday Act. TORM has elected to keep the holiday funds until the employees, covered at the transition date, reach the ageof retirement. The liability is remeasured annually based on an index rate published by the Holiday Allowance fund. Trade payablesTrade payables are recognized at the fair value of the item purchased and are subsequently measured at amortized cost.Deferred incomeDeferred income relates to amounts received from customers in advance of the related performance obligations being satisfied.Cash flow statementThe cash flow statement shows how income and changes in the balance sheet items affect cash and cash equivalent, i.e. how cash is generated or used in the period. The cash flow statement is presented in accordance with the indirect method commencing with \u201cNet profit/(loss) for the year\u201d.Cash flow from operating activities converts income statement items from the accrual basis of accounting to cash basis. Starting with \u201cNet profit/(loss) for the year\u201d, non-cash items are reversed, and actual payments are included. Further, the change in working capital is taken into account.Cash flow from investing activities comprises the cash used or received in the purchase and sale of tangible fixed assets and financial assets as well as cash from business combinations.Cash flow from financing activities comprises changes in the cash used or received in borrowings (amount of new borrowings and repayments), purchases or sales of treasury shares, dividends paid to shareholders.Cash and cash equivalents including restricted cash comprise cash and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets is approximately equal to their fair value. Cash and cash equivalents including restricted cash at the end of the reporting period are shown in the consolidated cash flow statement and can be reconciled to the related items in the consolidated balance sheet. The restricted cash balance relates to cash provided as security for initial margin calls and negative market values on derivatives as well as a sale and leaseback transaction prepayment to be released upon delivery of the vessel.Critical Accounting Estimates and JudgementsThe preparation of financial statements in accordance with IFRS requires the Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are affected by the way TORM applies its accounting policies. An accounting estimate is considered critical if the estimate requires the Management to make assumptions about matters subject to significant uncertainty, if different estimates could reasonably have been used, or if changes in the estimate that would have a material impact on the Company\u2019s financial position or results of operations are reasonably likely to occur from period to period. The Management believes that the accounting estimates applied are appropriate and the resulting balances are reasonable. However, actual results could differ from the original estimates requiring adjustments to these balances in future periods.The Management also makes various accounting judgements in the preparation of the consolidated financial statements which can affect the amounts recognized.JudgementsThe Management has assessed that TORM has two cash-generating units (CGUs), being the Main Fleet and the Marine Engineering (previously referred to as Marine Exhaust) cash-generating units. The Main Fleet is comprised of TORM\u2019s LR1, LR2 and MR vessels, which are largely interchangeable, and the cash flows generated by them are interdependent. These vessels are operated via the One TORM platform 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 location of vessels meeting required specifications and the price of transport rather than vessel class. Given the technical specifications and capacity of vessels, the Main Fleet is relatively homogenous with a very high degree of interoperability. All vessels in the Main Fleet can handle multiple sizes of cargo 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 which are largely independent of those from other vessels or vessel classes. The MR vessels acquired in prior years with chemical trading capability are operated as all other product tanker vessels and thus included in the Main Fleet CGU.In addition, the activities within the Marine Engineering segment represent a single CGU because cash inflows are generated independent of the cash inflows from the Main Fleet from serving the existing external customer base of the Marine Engineering segment.EstimatesCarrying amounts of vesselsThe Company evaluates the carrying amounts of the vessels (including newbuildings) to determine if events have occurred which would require a modification of their carrying amounts. The recoverable amount of vessels is reviewed based on events or changes in circumstances which would indicate that the carrying amount of its vessels might not be recoverable. In assessing the recoverability of the vessels, the Company reviews certain indicators of potential impairment or indication of any past impairment losses that should be reversed. If an indication of impairment or reversal of past impairment is identified, the need for recognizing an impairment lossor a recognition of a reversal of a past impairment loss is assessed by comparing the carrying amount of the vessels to the higher of the fair value less costs of disposal and the value in use.The Management assesses indicators of impairment that include, but are not limited to, broker vessel values, time charter rates, weighted average cost of capital, and any other adverse impacts from current economic, environmental, and geopolitical uncertainty, as well as the carrying amount of the net assets against the market capitalization. The fair value less cost of disposal of the vessels is based on the market approach which considers the valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels. The shipbrokers\u2019 primary input is deadweight tonnage, yard, and age of the vessel. The fair value assumes that the vessels are in good and seaworthy condition and with prompt, charter-free delivery.The assessment of the value in use is based on projection of future discounted cash flows related to the vessels which is complex and requires the Company to make various estimates including future freight rates, utilization, earnings from the vessels, future operating expenses and capital expenditure including dry-docking costs and discount rates. All these factors have been historically volatile, especially the freight rates. The carrying amounts of TORM\u2019s vessels may not represent their fair market value at any point in time, as market prices of second-hand vessels to a certain degree tend to fluctuate with changes in freight rates and the cost of newbuildings. However, if the estimated future cash flow or related assumptions in the future change, an impairment write-down or reversal of impairment may be required.For more information refer to Note 12.Accounting PoliciesThe segmentation is based on the Group\u2019s internal management and reporting structure. The Group has two operating segments, the Tanker segment, for which the services provided primarily comprise transportation of refined oil products such as gasoline, jet fuel, and naphtha, and the Marine Engineering segment for which the services provided primarily comprise developing and producing advanced and green marine equipment.Transactions between the segments are based on market-related prices and are eliminated at Group level.TORM considers the global product tanker market as a whole, and as the individual vessels are not limited to specific parts of the world, the Group has only one geographical segment for the Tanker segment. Further, the internal management reporting does not provide geographical information for either the Tanker segment or the Marine Engineering segment. Consequently, geographical segment information on revenue from external customers or non-current segment assets for the Tanker segment or the Marine Engineering segment are not provided.Accounting policiesRevenueIncome is recognized in the income statement when:\u2022 The income generating activities have been carried out on the basis of a binding agreement\u2022 The income can be measured reliably\u2022 It is probable that the economic benefits associated with the transaction will flow to the CompanyRevenue comprises freight, charter hire, and demurrage revenue from the vessels as well as Marine Engineering revenue. 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 that the Group expects to be entitled to. 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 the customer receives the benefit during the voyage as it is provided. Cross-over voyagesFor 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. The Company 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.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.Demurrage revenueFreight contracts contain conditions regarding the amount of time available for loading and discharging of the vessel. If these conditions are breached, TORM 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, the Company assesses the time spent in port, and a demurrage claim based on the relevant contractual conditions is submitted to the charterers. 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, 97% of the demurrage claim submitted is recognized as demurrage revenue upon initial recognition. For cross-over voyages, an estimate of incurred demurrage is recognized at the balance sheet date.The Company receives the demurrage payment upon reaching final agreement on the amount, which could be up to approximately 100 days after the original demurrage claim was submitted. Any adjustments to the final agreement are recognized as demurrage revenue.Marine Engineering revenueSome of the Group\u2019s contracts with customers relate to the sale of marine engineering equipment with installation services. Customers obtain control of the marine engineering equipment with installation services when the goods are delivered to the customer, they have completed commissioning and delivery has been accepted by the customers. When without installation services, customers obtain control of the marine engineering equipment when the goods are delivered to and have been accepted by the customers.Revenue is thus recognized upon the customers obtaining control. There is generally only one performance obligation related hereto. A warranty provision is recognized for expected repair costs related to warranty claims for sold marine engineering equipment within the standard warranty period of one year. These provisions are recognized when the equipment is sold and are based on historical experience. The warranty provision estimates are updated annually.Accounting PoliciesEmployee benefitsWages, salaries, social security contributions, holiday and sick leave, bonuses, and other monetary and non-monetary benefits are recognized in the year in which the employees render the associated services. Please also refer to the accounting policy for share-based payment.Pension plansThe Group has entered into defined contribution plans only. Pension costs related to defined contribution plans are recorded in the income statement in the year to which they relate.Share-based paymentsThe Group makes equity-settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares which will eventually vest. The fair value of the share schemes is calculated using the Black-Scholes model at the grant date.Accounting PoliciesFinancial incomeFinancial income comprises interest income, 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. Interest is recognized in accordance with the accrual basis of accounting considering 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.Financial expensesFinancial expenses comprise interest expenses, financing costs of leases 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 payments under interest rate hedge instruments. Interest is recognized in accordance with the accrual basis of accounting considering the effective interest rate.Accounting Policies Pillar Two Tax EffectsPillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. Under the legislation, the parent company will be required to pay, in UK, top-up tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15%. The main jurisdictions in which exposures to this tax may exist include Denmark, Singapore and the US. As the majority of these companies\u2019 revenue consist of international shipping income, it is assessed that this income will be excluded from the GloBE income with reference to the shipping carveout described in Article 3.3.TORM has applied the exception in IAS 12 'Income Taxes' to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Based on our fiscal year for 2024, the Group has prepared a preliminary Transitional Country-by-Country Reporting (CbCR) Safe Harbour assessment concluding that we expect to be eligible for the Transitional CbCR Safe Harbour in a majority of jurisdictions in which we are present. As of December 31, 2024, the calculated top-up tax does not have a material impact on our financial result. TaxTax expenses comprise the expected income tax charge for the year in accordance with IAS 12 as well as tonnage tax related to the Group\u2019s vessels for the year. The income tax charge for the year includes adjustments relating to previous years and the change in deferred tax for the year. However, income tax relating to items in other comprehensive income is recognized directly in the statement of other comprehensive income.Deferred taxDeferred 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 income tax purposes. Deferred tax is calculated at the income tax rates which are expected to apply in the period when the liability is settled or the asset is realized, based on the laws which have been enacted or substantially enacted at the balance sheet date. The deferred tax is charged through the income statement except when it relates to other comprehensive income items. No deferred tax is recognized related to assets and liabilities, including vessels which are subject to tonnage tax.Income tax balancesThe expected income tax payable on the taxable profits for the year is classified as current tax in the balance sheet. Income taxes expected to fall due after more than one year are classified as non-current liabilities or assets in the balance sheet. 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.Accounting PoliciesGoodwillGoodwill is measured as the excess of the cost of the business combination over the fair value of the acquired assets, liabilities, and contingent liabilities and is recognized as an asset under intangible assets. For each business combination, TORM elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. Goodwill is not amortized as it is considered to have an indefinite useful life, but the recoverable amount of goodwill is assessed annually. For impairment testing purposes, goodwill is on initial recognition allocated to the cash generating unit expected to benefit from the synergies of the combination. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is first allocated to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss for goodwill is not reversed in a subsequent period.Other Intangible AssetsOther intangible assets consist of software as well as scrubber test facility development costs and customer list acquired in connection with the Marine Exhaust Technology A/S acquisition. Other intangible assets are measured at cost less accumulated amortization and impairment losses. Other intangible assets are considered as having finite useful lives and are amortized on a straight-line basis over: \u2022 Software: 3 years \u2022 Scrubber test facility: 2 years \u2022 Customer list: 7 yearsAccounting PoliciesVesselsVessels consist of owned vessels and vessels financed via sale and leaseback transactions. Vessels are measured at cost less accumulated depreciation and accumulated impairment losses. Costs comprise acquisition costs 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. In partly share-based acquisitions, vessels are measured at fair value at the delivery date, where the purchase price is compared to valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels and adjusted if a material difference is identified. All major components of vessels (scrubbers, etc.) except for dry-docking costs are depreciated on a straight-line basis to the estimated residual value over their estimated useful life. Different drivers such as TORM\u2019s short and long-term climate targets, the revised IMO\u2019s Green House Gas Strategy, and other new regulation and policies with increased focus on carbon reduction on both short and long-term impact the determination of the estimated useful life. Considering the different drivers, TORM estimates the useful life to be 25 years for newbuildings - in line with previous years and with what is used by other shipowners with comparable tonnage. Depreciation is based on costs less the estimated residual value. Residual value is estimated as the lightweight tonnage of each vessel multiplied by the recycling prices per ton. TORM has completed phasing in green recycling prices in the calculation of residual values by applying a weighted average of green recycling and conventional recycling prices, while using a 3-year average to limit volatility. 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 TORM\u2019s business plans.TORM also evaluates the carrying amounts to determine if events have occurred which indicate impairment and would require a modification of the carrying amounts at the reporting date. Prepayment on vessels is measured at costs incurred.Dry-dockingApproximately every 24 and 60 months, depending on the nature of work and external requirements, the vessels are required to undergo planned dry-dockings for replacement of certain components, major repairs, and major maintenance of other components, which cannot be carried out while the vessels are operating. These dry-docking costs are capitalized and depreciated on a straight-line basis over the estimated period until the next dry-docking. The residual value of such components is estimated at nil. The useful life of the dry-docking costs is reviewed at least at each financial year-end based on market conditions, regulatory requirements, and TORM\u2019s business plans. 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 thereof 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 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.At 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, the 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 turbocharger, 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.Prepayments on vesselsPrepayments consist of prepayments related to the purchase of second-hand vessels not yet delivered and to newbuilding contracts for vessels not yet delivered which also include the share of borrowing costs directly attributable to the acquisition of the underlying vessel. When a vessel is delivered, the prepaid amount is reallocated to the financial statement line \u201cVessels and capitalized dry-docking\u201d.Land and buildings and other plant and operating equipmentLand and buildings and other plant and operating equipment consist of leaseholds regarding office buildings, leasehold improvements, company cars, IT equipment, and software and is measured at historical cost less accumulated depreciation and any impairment loss. Any subsequent cost is included in the asset\u2019s carrying amount or recognized as a separate asset only when it is probable that future economic benefits are associated with the item and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful life of the assets. The current estimates are:\u2022 Land and buildings \u2022 Office buildings: Over the shorter of the remaining leasing term and the estimated useful life\u2022 Leasehold improvements: Over the shorter of the remaining leasing term and the estimated useful life\u2022 Other plant and operating equipment\u2022 Company cars: Over the lease term, typically 3 years\u2022 IT equipment: 3\u20135 years \u2022 Software: 3\u20135 years\u2022 Other equipment 3\u201315 yearsThe depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by the Management. For a right-of-use asset, depreciation commences at the commencement date of the lease. Assets held for saleAssets are classified as held-for-sale if the carrying amount will be recovered principally through a sales transaction rather than through continuing use. This condition is regarded as met only when the asset is available for immediate sale in its present condition subject to terms which are usual and customary for sales of such assets, and when its sale is highly probable. The Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Assets held for sale mainly refer to vessels being sold and are measured at the lower of their previous carrying amount and fair value less costs to sell. Gains are recognized on delivery to the new owners in the income statement in the item \u201cProfit from sale of vessels\u201d. Anticipated losses are recognized at the time when the asset is classified as held-for-sale in the item \u201cImpairment losses on tangible and intangible assets\u201d.Accounting policiesTORM 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. 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 the Company or over the lease period depending on the lease terms.The corresponding lease obligation is recognized as a liability in the balance sheet under \u201cBorrowings\u201d and initially measured at the present value of the lease payments that are not paid at the commencement date. The Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. Subsequently lease liabilities are measured at amortized cost using the effective interest method, where the lease liabilities are remeasured when there is a change in future lease payments. 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.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 \u201cBorrowings\u201d. No gain or loss is recorded, and the asset remains recognized on the balance sheet under Vessels and capitalized dry-docking.Accounting PoliciesImpairment of assetsNon-current assets are reviewed at the reporting date to determine any indication of impairment including a significant decline in either the assets\u2019 market value, increase in market rates of return, or in the cash flows expected to be generated by the fleet. At least annually, or if impairment indicator(s) exists, an impairment test on a CGU level will be performed. A CGU is determined as the smallest group of assets that generates independent cash inflows. An asset/CGU is impaired if the recoverable amount is below the carrying amount. The recoverable amount of the CGU is estimated as the higher of fair value less costs of disposal and value in use. The value in use is the present value of the future cash flows expected to be derived from a CGU, 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. Where an impairment loss subsequently reverses, the carrying amount of the CGU 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.For the purpose of assessing impairment, assets, time charter and bareboat contracts are grouped at the lowest levels at which impairment is monitored for internal management purposes.Accounting PoliciesLoan receivablesLoan receivables are initially recognized on the balance sheet as fair value less transaction costs. After initial recognition, loan receivables are measured at amortized cost. Amortized cost is defined as the amount initially recognized reduced by principal repayments and allowances for the expected credit loss (ECL).Accounting Policies Inventories consist of bunkers, lubeoil, EU Emission Allowances and other inventories.Bunkers, lubeoil and other inventories are stated at the lower of cost in accordance with the FIFO-principle and net realizable value. Cost of bunkers and lubeoil includes expenditure incurred in acquiring bunkers and lubeoil including delivery costs less discounts. The cost of other inventories consists of raw materials and components based on direct costs, direct payroll costs and a proportionate share of indirect production costs. Indirect production costs include the proportionate share of capacity costs directly relating hereto, which are allocated on the basis of the normal capacity of the production facility .At 01 January 2024, the EU Emission Trading System was extended to maritime transport emissions, where shipping companies must surrender allowances to cover emissions related to EU port calls. EU Emission Allowances are purchased in connection with TORM's cargo transportation only, similar to a tax on purchase of bunkers. TORM has no intention of selling or trading the allowances.In the absence of any specific IFRS standards or IFRIC interpretations on accounting for emission rights of carbon dioxide generated as part of the EU Emission Trading scheme (EU ETS), and considering the above, EU Emission Allowances are treated similar to bunker inventories. The following policies are applied for EU Emission Allowances: \u2022 The emission rights are considered as a part of the bunker consumption for the delivery of transportation services and thus recognized as inventories at their acquisition cost. \u2022 As these allowances are utilized during the voyage, the carrying amount of these allowances are recognized as an expense against a liability in the period in which the associated revenue is recognized.Accounting PoliciesReceivablesOutstanding trade receivables and other receivables which are expected to be realized within 12 months from the balance sheet date are classified as \u201cTrade receivables\u201d or \u201cOther receivables\u201d and presented as current assets.Receivables are, at initial recognition, measured at their transaction price less allowance for expected credit losses over the lifetime of the receivable and are subsequently measured at amortized cost adjusted for changes in expected credit losses. Derivative financial instruments included in other receivables are measured at fair value.Expected credit lossesExpected credit losses are, at initial recognition, determined using an ageing factor as well as a specific customer knowledge such as customers\u2019 ability to pay, considering historical information about payment patterns, credit risks, customer concentrations, customer creditworthiness as well as prevailing economic conditions. The estimates are updated subsequently, and if the debtor\u2019s ability to pay is becoming doubtful, expected credit losses are calculated on an individual basis. When there are no reasonable expectations of recovering the carrying amount, the receivable is written off in part or entirely.Accounting PoliciesOther liabilities are generally measured at amortized cost. Derivative financial instruments included in other liabilities are measured at fair value.Accounting PoliciesBorrowings consist of mortgage debt, bank loans, bonds and lease liabilities.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.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.Accounting PoliciesDerivative financial instruments and hedge accountingDerivative financial instruments, primarily forward currency exchange contracts, forward freight agreements, interest rate hedges, and forward contracts regarding bunker purchases are entered into to mitigate risks relating to future fluctuations in prices and interest rates, etc. on future committed or anticipated transactions. TORM applies hedge accounting under the specific rules on cash flow hedges, when appropriate, as described below for each type of derivative.Changes in the fair value of derivative financial instruments designated as cash flow hedges and deemed to be effective are recognized directly in \u201cOther comprehensive income\u201d. When the hedged transaction is recognized in the income statement, the cumulative value adjustment recognized in \u201cOther comprehensive income\u201d is transferred to the income statement and included in the same line as the hedged transaction. Portion of the changes in fair value deemed to be ineffective is recognized immediately in the income statement.Changes in the fair value of derivative financial instruments not designated as hedges are recognized in the income statement. While effectively reducing cash flow risk in accordance with the Company\u2019s 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 \u201cFinancial income\u201d or \u201cFinancial expenses\u201d for interest rate swaps and under \u201cPort expenses, bunkers and commissions\u201d for forward freight agreements and forward bunker contracts.Accounting PoliciesProvisions are recognized when the Group 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 which can be reliably estimated. Provisions are measured at the estimated liability expected to arise, considering the time value of money.Accounting PoliciesBasic earnings per share are calculated by dividing the consolidated net profit/(loss) for the year available to common shareholders by the weighted average number of common shares outstanding during the period. Treasury shares are not included in the calculation. Purchases of treasury shares during the period are weighted based on the remaining period.Diluted earnings per share are calculated by adjusting the consolidated profit or loss available to common shareholders and the weighted average number of common shares outstanding for the effects of all potentially dilutive shares. Such potentially dilutive common shares are excluded when the effect of including them would be to increase earnings per share or reduce a loss per share.Accounting PoliciesNewly acquired or formed entities are recognized in the consolidated financial statements from the date of acquisition or formation. The date of acquisition is the date on which control over the entity is effectively transferred.Business combinations are accounted for by applying the purchase method, whereby the acquired entities\u2019 identifiable assets, liabilities, and contingent liabilities are measured at fair value at the acquisition date. The tax effect of the revaluation activities is also considered.When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the amount of that adjustment is included in the cost of the combination if the event is probable and the adjustment can be measured reliably. Costs of issuing debt or equity instruments in connection with a business combination are accounted for together with the debt or equity issuance. All other costs associated with the acquisition are expensed in the income statement.The excess of the cost of the business combination over the fair value of the acquired assets, liabilities, and contingent liabilities is recognized as goodwill under intangible assets and is tested for impairment at least once a year. Upon acquisition, goodwill is allocated to the cash generating units that subsequently form the basis for the impairment test. If the fair value of the acquired assets, liabilities, and contingent liabilities exceeds the cost of the business combination, the identification of assets and liabilities and the processes of measuring the fair value of the assets and liabilities and the cost of the business combination are reassessed. If the fair value of the business combination continues to exceed the cost, the resulting gain is recognized in the income statement.",
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"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__113": {
"value": "London",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__112": {
"value": "London",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__114": {
"value": "Basis of PreparationThe consolidated financial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards (\u201cUK-adopted IAS\u201d). The consolidated financial statements are also prepared in accordance with IFRS Accounting Standards (\u201cIFRS\u201d) as issued by the International Accounting Standards Board (\u201cIASB\u201d) and IFRS as adopted by the European Union (\u201cEU\u201d), as applied to financial periods beginning on or after 01 January 2024 and additional disclosure requirements for listed companies in accordance with the Danish Financial Statements Act. The consolidated financial statements have been prepared on a going concern basis and under the historical cost convention, except where fair value accounting is specifically required by IFRS. The functional currency of the Company is USD, and the Company applies USD as the presentation currency in the preparation of the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__115": {
"value": "The functional currency of the Company is USD",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s8__7__116": {
"value": "Going ConcernAs of 31 December 2024, TORM\u2019s available liquidity including undrawn and committed facilities was USD 615m, including a total cash position of USD 291m (including cash held for dividend payment). TORM\u2019s net interest-bearing debt was USD 948m, and the net debt loan-to-value ratio was 26.8% (Tanker segment only and before dividend payment related to Q4 2024). Further information on TORM\u2019s objectives and policies for managing our capital, our financial risk management objectives, and our exposure to credit and liquidity risk can be found in note 25 to the financial statements. The principal risks and uncertainties facing TORM are set out on pages 17-21.TORM monitors our funding position throughout the year to ensure that we have access to sufficient funds to meet the forecasted cash requirements and loan commitments, and to monitor compliance with the financial covenants in our loan facilities, details of which are available in Note 2 to the financial statements.A key element for TORM\u2019s financial performance in the going concern period relates to the increased geopolitical risk following Russia\u2019s invasion of Ukraine in February 2022, while the conflicts in the Middle East are expected to have a lessor impact on the product tanker market. While the changed geopolitical landscape initially supported market dynamics, crude cannibalization significantly reduced the net positive effect in the second half of 2024. TORM\u2019s base case assumes that these dynamics will persist, albeit with a lower estimated impact on the product tanker market and resultingly with freight rates and vessel values materializing below 2024 levels. TORM monitors the general development in the geopolitical situation and potential effects on the product tanker market. In the base case, TORM has sufficient liquidity and headroom for all the covenant limits.In addition to the base case, TORM has developed a reverse stress case. The reverse stress case covers the lowest TCE rate that only just meet the minimum liquidity covenant and the lowest vessel values that do not breach any of the facilities\u2019 minimum security values in the period. In the reverse stress case, with TCE rates slightly below the lowest rolling four-quarter average since 2000 on a per vessel class basis and a related decline in vessel values, TORM maintains sufficient headroom on liquidity and covenants throughout the going concern period.The Board of Directors has considered TORM\u2019s cash flow forecasts and the expected compliance with TORM\u2019s financial covenants for the period until 31 March 2026. Based on this review, the Board of Directors has a reasonable expectation that taking reasonably possible changes in trading performance and vessel valuations into account, TORM will be able to continue in operation and comply with our financial covenants for the period until 31 March 2026. Accordingly, TORM continues to adopt the going concern basis in preparing our financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__118": {
"value": "Adoption of New or Amended IFRS Standards IASB has issued a number of new or amended accounting standards (IFRS) and interpretations (IFRIC). TORM has implemented the following standards and amendments issued by the IASB and adopted by the UK in the consolidated financial statements for 2024:\u2022 Amendments to IAS 1 Presentation of Financial Statements\u2022 Amendments to IFRS 16 Lease Liability in a Sale and Leaseback\u2022 Amendments to IAS 7 and IFRS 7 Supplier Finance AgreementsFor the new standards and amendments, it is assessed that application of these effective on 01 January 2024 has not had any material accounting impact, but only limited impact on disclosures on the consolidated financial statements in 2024. The below have been issued by the IASB and adopted by the UK but have not yet come into effect for consolidated financial statements of 2024:\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (January 2025)\u2022 Annual Improvements to IFRS Accounting Standards\u2014Volume 11 (January 2026)The below have been issued by the IASB and not yet adopted by the UK and not yet come into effect:\u2022 Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments (January 2026)\u2022 Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature dependent Electricity (January 2026) \u2022 IFRS 18 Presentation and Disclosure in Financial Statements (January 2027)\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (January 2027)\u2022 IFRS 10 and IAS 28 (amendments) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture issued in September 2014 (deferred indefinitely).TORM has assessed the accounting standards and interpretations above except IFRS 18, and TORM does not expect the new standards to have any material impact on neither TORM\u2019s figures nor the disclosures. The impact of IFRS 18 on the consolidated financial statements has not yet been determined on a sufficiently reliable basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__117": {
"value": "Adoption of New or Amended IFRS Standards IASB has issued a number of new or amended accounting standards (IFRS) and interpretations (IFRIC). TORM has implemented the following standards and amendments issued by the IASB and adopted by the UK in the consolidated financial statements for 2024:\u2022 Amendments to IAS 1 Presentation of Financial Statements\u2022 Amendments to IFRS 16 Lease Liability in a Sale and Leaseback\u2022 Amendments to IAS 7 and IFRS 7 Supplier Finance AgreementsFor the new standards and amendments, it is assessed that application of these effective on 01 January 2024 has not had any material accounting impact, but only limited impact on disclosures on the consolidated financial statements in 2024. The below have been issued by the IASB and adopted by the UK but have not yet come into effect for consolidated financial statements of 2024:\u2022 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (January 2025)\u2022 Annual Improvements to IFRS Accounting Standards\u2014Volume 11 (January 2026)The below have been issued by the IASB and not yet adopted by the UK and not yet come into effect:\u2022 Amendments to IFRS 9 and IFRS 7: Amendments to the Classification and Measurement of Financial Instruments (January 2026)\u2022 Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature dependent Electricity (January 2026) \u2022 IFRS 18 Presentation and Disclosure in Financial Statements (January 2027)\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures (January 2027)\u2022 IFRS 10 and IAS 28 (amendments) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture issued in September 2014 (deferred indefinitely).TORM has assessed the accounting standards and interpretations above except IFRS 18, and TORM does not expect the new standards to have any material impact on neither TORM\u2019s figures nor the disclosures. The impact of IFRS 18 on the consolidated financial statements has not yet been determined on a sufficiently reliable basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s8__7__121": {
"value": "Consolidation PrinciplesThe consolidated financial statements comprise the financial statements of the parent company, TORM plc and entities controlled by the Company and its subsidiaries. Control is achieved when the Company has all the following:\u2022 Power over the investee\u2022 Exposure, or rights, to variable returns from its involvement with the investee\u2022 The ability to use its power over the investee to affect the amounts of the investor\u2019s returnsTORM reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities unilaterally. The Company considers all facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including:\u2022 The size of the Company\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders\u2022 Potential voting rights held by the Company, other vote holders, or other parties\u2022 Rights arising from other contractual arrangements\u2022 Any additional facts and circumstances which indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time when decisions need to be made, including voting pattern at previous shareholders\u2019 meetingsEntities in which the Group exercises significant but not controlling influence are regarded as associated companies and are accounted for using the equity method.Companies which are managed jointly by agreement with one or more companies and therefore aresubject to joint control (joint ventures) are accounted for using the equity method.Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ends when the Company loses control over the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated income statement and other comprehensive income from the date on which the Company obtains control until the date when the Company loses control over the subsidiary.The consolidated financial statements are prepared using consistent accounting policies and eliminating intercompany transactions, balances, and shareholdings as well as gains and losses on transactions between the consolidated entities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s8__7__122": {
"value": "Foreign CurrenciesThe functional currency of all significant entities, including subsidiaries and associated companies,is United States Dollars (USD) because the Company\u2019s vessels operate in international shipping markets, in which income and expenses are settled in USD, and because the Company\u2019s most significant assets and liabilities in the form of vessels and related liabilities are denominated in USDTransactions in currencies other than the functional currency are translated into the functional currency at the transaction date. Cash, receivables and payables and other monetary items denominated in currencies other than the functional currency are translated into the functional currency at the exchange rate at the balance sheet date. Gains or losses due to differences between the exchange rate at the transaction date and the exchange rate at the settlement date othe balance sheet date are recognized in the income statement under \u201cFinancial income\u201d and \u201cFinancial expenses\u201d. The reporting currency of the Company is USD. Upon recognition of entities with functional currencies other than USD, the financial statements are translated into USD. Income statement items are translated into USD at the exchange rate for each transaction, whereas balance sheet items are translated at the exchange rate as of the balance sheet date. Exchange differences arising from the translation of financial statements into USD are recognized as a separate component in \u201cOther comprehensive income\u201d. On the disposal of an entity, the cumulative amountof the exchange differences recognized in the separate component of equity relating to that entity is transferred to the income statement as part of the gain or loss on disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s8__7__123": {
"value": "Income StatementPort expenses, bunkers, and commissions and other costs of goods and services soldPort expenses, bunker fuel consumption, commissions, and other costs of goods sold are recognized as incurred. To the extent that the costs are recoverable, costs directly attributable to relocate the vessel to the load port are capitalized and amortized over the course of the transportation period.Gains and losses on forward bunker contracts, forward freight agreements (FFA) as well as write-down for losses on trade receivables are included in this line.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__124-1": {
"value": "Port expenses, bunkers, and commissions and other costs of goods and services soldPort expenses, bunker fuel consumption, commissions, and other costs of goods sold are recognized as incurred. To the extent that the costs are recoverable, costs directly attributable to relocate the vessel to the load port are capitalized and amortized over the course of the transportation period.Gains and losses on forward bunker contracts, forward freight agreements (FFA) as well as write-down for losses on trade receivables are included in this line.Operating expensesOperating expenses, which comprise crew expenses, repair and maintenance expenses, and tonnage duty, are expensed as incurred.Administrative expensesAdministrative expenses, which comprise administrative staff costs, management costs, office expenses, and other expenses relating to administration, are expensed as incurred.Other operating expenses and incomeOther operating expenses primarily comprise management fees paid to commercial and technical managers for managing the fleet, profits and losses deriving from the disposal of fixed assets other than vessels as well as claims and disputes provisions.Depreciation and impairment losses and reversals of impairment lossesDepreciation and impairment losses comprise depreciation of tangible fixed assets for the year 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 fair value less costs to sell.Subsequent reversal of impairment losses is recognized if the recoverable amount exceeds the carrying amount to the extent that the carrying amount does not exceed the carrying amount without any historical impairment losses.Accounting PoliciesEmployee benefitsWages, salaries, social security contributions, holiday and sick leave, bonuses, and other monetary and non-monetary benefits are recognized in the year in which the employees render the associated services. Please also refer to the accounting policy for share-based payment.Pension plansThe Group has entered into defined contribution plans only. Pension costs related to defined contribution plans are recorded in the income statement in the year to which they relate.Share-based paymentsThe Group makes equity-settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares which will eventually vest. The fair value of the share schemes is calculated using the Black-Scholes model at the grant date.Accounting PoliciesFinancial incomeFinancial income comprises interest income, 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. Interest is recognized in accordance with the accrual basis of accounting considering 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.Financial expensesFinancial expenses comprise interest expenses, financing costs of leases 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 payments under interest rate hedge instruments. Interest is recognized in accordance with the accrual basis of accounting considering the effective interest rate.Accounting PoliciesGoodwillGoodwill is measured as the excess of the cost of the business combination over the fair value of the acquired assets, liabilities, and contingent liabilities and is recognized as an asset under intangible assets. For each business combination, TORM elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. Goodwill is not amortized as it is considered to have an indefinite useful life, but the recoverable amount of goodwill is assessed annually. For impairment testing purposes, goodwill is on initial recognition allocated to the cash generating unit expected to benefit from the synergies of the combination. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is first allocated to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss for goodwill is not reversed in a subsequent period.Other Intangible AssetsOther intangible assets consist of software as well as scrubber test facility development costs and customer list acquired in connection with the Marine Exhaust Technology A/S acquisition. Other intangible assets are measured at cost less accumulated amortization and impairment losses. Other intangible assets are considered as having finite useful lives and are amortized on a straight-line basis over: \u2022 Software: 3 years \u2022 Scrubber test facility: 2 years \u2022 Customer list: 7 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__126-1": {
"value": "Operating expensesOperating expenses, which comprise crew expenses, repair and maintenance expenses, and tonnage duty, are expensed as incurred.Administrative expensesAdministrative expenses, which comprise administrative staff costs, management costs, office expenses, and other expenses relating to administration, are expensed as incurred.Other operating expenses and incomeOther operating expenses primarily comprise management fees paid to commercial and technical managers for managing the fleet, profits and losses deriving from the disposal of fixed assets other than vessels as well as claims and disputes provisions.Depreciation and impairment losses and reversals of impairment lossesDepreciation and impairment losses comprise depreciation of tangible fixed assets for the year 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 fair value less costs to sell.Subsequent reversal of impairment losses is recognized if the recoverable amount exceeds the carrying amount to the extent that the carrying amount does not exceed the carrying amount without any historical impairment losses.NOTE 5 \u2013 STAFF COSTSEmployee InformationStaff costs included in operating expenses relate to the 109 seafarers employed under Danish contracts (2023: 105, 2022:100).The average number of employees is calculated as a full-time equivalent (FTE).The Executive Director is, in the event of termination by the Company, entitled to a severance payment of up to 12 months' salary.USDm 2024 2023 2022Total staff costsStaff costs included in operating expenses 9.6 8.6 7.7 Staff costs included in administrative expenses 77.3 69.3 42.0 Total 86.9 77.9 49.7 Staff costs comprise the followingWages and salaries 47.3 46.9 38.8 Share-based compensation 30.3 23.0 2.9 Pension costs 4.2 3.8 3.3 Other social security costs 0.4 1.4 1.5 Other staff costs 4.7 2.8 3.2 Total 86.9 77.9 49.7 Average number of permanent employeesSeafarers 109 105 100 Land-based 498 468 386 Total 607 573 486 At the end of 2024 TORM has a pool of 3,677 (2023: 3,271, 2022: 3,218) seafarers.The majority of seafarers on vessels are on short-term contracts. The average number of seafarers on board vessels on short-term contracts in 2024 was 1,721 (2023: 1,625, 2022: 1,565).Total seafarers\u2019 costs in 2024 were USD 141.4m (2023: USD 127.1m, 2022: USD 124.9m), which is included in \u201cOperating expenses\u201d of which USD 131.8m (2023: USD 118.5m, 2022: USD 117.2m) pertains to cost for seafarers on board vessels on short term contracts and USD 9.6m (2023: USD 8.6m, 2022: USD 7.7m) pertains to cost for seafarers employed under the Danish contract as indicated in the staff costs table above. USD '000 2024 2023 2022Non-Executive Board and Committee remuneration, short termChristopher H. Boehringer 212 214 210 David N. Weinstein 217 219 207 G\u00f6ran Trapp 163 164 155 Annette Malm Justad 163 164 155 Total 755 761 727 Executive ManagementAnnualTaxable performanceShare-based USD '000 Salarybenefitsbonuspayment TotalExecutive Management remunerationJacob Meldgaard2022, TORM A/S\u00b9\u207e 1,040 39 593 \u2014 1,672 2022, TORM plc\u00b9\u207e 72 \u2014 \u2014 439 511 2023, TORM A/S\u00b9\u207e 1,119 40 1,277 \u2014 2,436 2023, TORM plc\u00b9\u207e 77 \u2014 \u2014 4,383 4,460 2024, TORM A/S\u00b9\u207e 1,141 40 1,233 \u2014 2,414 2024, TORM plc\u00b9\u207e 76 \u2014 \u2014 5,530 5,606 \u00b9\u207e Paid by legal entity as noted.Senior Management TeamThe aggregated compensation expensed by the Group to the three (2023: three, 2022: three) other members of the Senior Management Team in 2024 (excluding CEO Jacob Meldgaard) was USD 9.5m (2023: USD 7.5m, 2022: USD 2.8m), which includes an aggregate of USD 0.1m (2023: USD 0.1m, 2022: USD 0.1m) allocated for pensions (defined contribution plans) and share-based payment of USD 7.5 m (2023: 6.0m, 2022: 0.7m) for these individuals. LTIP element of CEO Jacob Meldgaard's remuneration package 2024:Ordinary Ordinary Retention OrdinaryGrant Date 23-Mar-22 29-Mar-23 29-Mar-23 07-Mar-24RSU LTIP grant\u00b9\u207e 255,200 255,200 300,000 255,200Exercise price per share DKK 58.00 DKK 220.60 USD 0.01 DKK 258.40RSU grant value assuming 100% vesting USD 0.5m USD 2.5m USD 10.7m USD 1.9m\u00b9\u207e LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 9 dated 23 March 2022 , announcement no.9 dated 29 March 2023 and announcement no.9 dated 7 March 2024 , therefore there is no minimum or maximum for 2022, 2023 and 2024.TORM operates an equity-settled, share-based compensation plan. 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. Employment in TORM throughout the period is in most cases a prerequisite for upholding the full vesting rights in the RSU program. For voluntary leavers subject to the Danish Stock Options Act, the RSUs will vest in accordance with the vesting schedule, but for all other leavers, all unvested RSUs shall be immediately forfeited for no consideration. Options are granted under the plan for no consideration and carry no dividend or voting rights.In accordance with its Remuneration Policy, TORM has granted the CEO a number of Restricted Share Units (RSUs). There are no performance conditions associated with this grant of RSUs.Refer to Long-Term Incentive Program \u2013 restricted share units granted to the executive director on page 178 for further information. The original RSUs granted to the CEO in 2016 vested in equal installments over a five years period. Subsequent awards vest in equal installments over three years.Vested RSUs may be exercised for a period of 360 days from each vesting date. Details of the CEO\u2019s awards and interests in Restricted Share Units are set out on page 116.The single figure remuneration table for the CEO does not include any amounts in relation to the RSU awards as there are no performance conditions associated with this grant of RSUs. As detailed in announcement no. 9 issued on 23 March 2022, the CEO was granted a total of 255,200 RSUs which will vest in equal amounts over the next three years. The first amount could be exercised from 1 January 2023. The exercise price for each RSU is DKK 58.0, corresponding to the average price of TORM shares in the 90 calendar days preceding the publication of TORM plc\u2019s 2021 Annual Report plus a 15% premium. Vested RSUs may be exercised for a period of 360 days from each vesting date.As detailed in announcement no. 9 issued on 29 March 2023, the CEO was granted a total of 255,200 RSUs which will vest in equal amounts over the next three years. The first amount could be exercised from 01 January 2024. The exercise price for each RSU is DKK 220.6, corresponding to the average price of TORM shares in the 90 calendar days preceding the publication of TORM plc\u2019s 2022 Annual Report plus a 15% premium adjusted for the dividend payment related to TORM\u2019s fourth quarter 2022 results. Vested RSUs may be exercised for a period of 360 days from each vesting date. In addition to the RSUs granted above, the CEO is granted a total of 300,000 RSUs in the Additional Retention Program on similar terms as outlined above, with the exception that the strike price for these RSUs is set to one US cent and that all RSUs will vest on 01 March 2026. As detailed in announcement no. 9 issued on 07 March 2024, the CEO was granted a total of 255,200 RSUs which will vest in equal amounts over the next three years. The first amount could be exercised from 01 January 2025. The exercise price for each RSU is DKK 258.4 corresponding to the average price of TORM shares in the 90 calendar days preceding the publication of TORM plc\u2019s 2023 Annual Report plus a 15% premium. Vested RSUs may be exercised for a period of 360 days from each vesting date.Long-term employee benefit obligationsThe obligation comprises an obligation under the incentive programs to deliver Restricted Share Units in TORM plc at a determinable price to the entity's key personnel, including the CEO. The RSUs granted entitle the holder to acquire one TORM A-share.The program comprises the following number of shares in TORM plc:Number of shares (1,000) 2024 2023 2022Outstanding as of 01 January 4,417.7 2,424.0 2,372.9 Granted during the period\u00b9\u207e 1,506.4 3,136.6 1,393.0 Exercised during the period -1,345.4 -1,137.6 -1,078.0 Expired/forfeited during the period -122.1 -5.3 -263.9 Outstanding as of 31 December 4,456.6 4,417.7 2,424.0 Exercisable as of 31 December \u2014 \u2014 \u2014\u00b9\u207e Includes additional 36,259 RSUs granted in 2024 to adjust for the impact of dividends on the share price in accordance with the original terms of the grant. No modifications to the terms of the grant in the RSU program have occurred.In 2022, the Board of Directors agreed to grant a total of 1,137,770 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 58.0 The exercise period is 360 days from each vesting date. The fair value of the options granted in 2022 was determined using the Black-Scholes model and is not material. The average remaining contractual life for the restricted shares as of 31 December 2022 was 1.5 years, and as of 31 December 2024 was 0.0 years. In 2023, the Board of Directors agreed to grant a total of 1,248,153 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 220.6. The exercise period is 360 days from each vesting date. The fair value of the options granted in 2023 was determined using the Black-Scholes model and amounts to USD 10.8m. The average remaining contractual life for the restricted shares as of 31 December 2023 was 1.5 years, and as of 31 December 2024 was one year. In addition to the RSUs granted above, the other management is granted a total of 1,333,222 RSUs in the Additional Retention Program on similar terms as outlined above, with the exception that the strike price for these RSUs is set to one US cent and that all RSUs will vest on 01 March 2026. The fair value of the options in the Additional Retention Program granted in 2023 was determined using the Black-Scholes model and amounts to USD 40.4m.In 2024, the Board of Directors agreed to grant a total of 1,214,986 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 258.4. The exercise period is 360 days from each vesting date. The fair value of the options granted in 2024 was determined using the Black-Scholes model and amounts to USD 8.1m. The average remaining contractual life for the restricted shares as of 31 December 2024 is 1.5 years. Accounting PoliciesEmployee benefitsWages, salaries, social security contributions, holiday and sick leave, bonuses, and other monetary and non-monetary benefits are recognized in the year in which the employees render the associated services. Please also refer to the accounting policy for share-based payment.Pension plansThe Group has entered into defined contribution plans only. Pension costs related to defined contribution plans are recorded in the income statement in the year to which they relate.Share-based paymentsThe Group makes equity-settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares which will eventually vest. The fair value of the share schemes is calculated using the Black-Scholes model at the grant date.NOTE 6 \u2013 REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY\u2019S ANNUAL GENERAL MEETINGThe remuneration of the auditor is required to be presented as follows:USDm 2024 2023 2022Audit feesFees payable to the Company's auditor for the audit of the Company's annual accounts 1.2 1.2 0.9 Audit of the Company's subsidiaries pursuant to legislation 0.1 0.1 0.1 Total audit fees 1.3 1.3 1.0 Non-audit feesAudit-related services 0.5 0.1 0.2 Others 0.5 0.1 0.2 Total non-audit fees 1.0 0.2 0.4 Total 2.3 1.5 1.4 Under SEC regulations, the remuneration of the auditor of USD 2.3m (2023: USD 1.5m, 2022: USD 1.4m) is required to be presented as follows: Audit fees USD 1.8m (2023: USD 1.4m, 2022: USD 1.2m), audit-related fees USD 0.5m (2023: USD 0.1m, 2022: USD 0.2m), tax fees USD 0.0m (2023: USD 0.0m, 2022: USD 0.0m), and all other fees USD 0.0m (2023: USD 0.0m, 2022: USD 0.0m.).TORM's Audit Committee pre-approves all audit, audit-related and non-audit services not prohibited by law to be performed by our independent auditors and associated fees prior to the engagement of the independent auditor with respect to such services.NOTE 7 \u2013 FINANCIAL ITEMSUSDm 2024 2023 2022Financial incomeInterest income from cash and cash equivalents, including restricted cash \u00b9\u207e 24.5 14.2 4.0 Other financial income 0.3 0.1 \u2014 Total 24.8 14.3 4.0Financial expensesInterest expenses on borrowings \u00b9\u207e 69.7 55.6 48.5 Financial expenses arising from lease liabilities regarding right-of-use assets 0.6 0.5 0.2 Exchange rate adjustments, including loss from forward exchange rate contracts 0.7 0.4 0.5 Commitment fee 1.9 1.3 0.6 Amortization of interest rate swaps 1.7 2.2 2.4 Ineffectiveness on interest rate swaps -1.5 -2.4 -3.6 Other financial expenses 1.0 3.3 0.2 Total 74.1 60.9 48.8 Total financial items -49.3 -46.6 -44.8 \u00b9\u207e Interest for financial assets and liabilities not at fair value through profit and loss.Accounting PoliciesFinancial incomeFinancial income comprises interest income, 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. Interest is recognized in accordance with the accrual basis of accounting considering 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.Financial expensesFinancial expenses comprise interest expenses, financing costs of leases 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 payments under interest rate hedge instruments. Interest is recognized in accordance with the accrual basis of accounting considering the effective interest rate.NOTE 9 \u2013 INTANGIBLE ASSETSUSDm 2024 2023 2022GOODWILLCost:Balance as of 01 January 13.2 13.2 11.4 Exchange rate adjustments -0.1 \u2014 \u2014 Additions from business combinations \u2014 \u2014 1.8 Balance as of 31 December 13.1 13.2 13.2 Impairment: Balance as of 01 January 11.4 11.4 11.4 Balance as of 31 December 11.4 11.4 11.4 Carrying amount 1.7 1.8 1.8 The opening balance in 2022 on goodwill cost and impairment relates to the reverse acquisition of TORM A/S in 2015, which was impaired in 2016. The goodwill addition in 2022 of USD 1.8m relates to the acquisition of Marine Exhaust Technology A/S, which is allocated to the Marine Engineering cash-generating unit. Please refer to note 34 for further reference on acquisition and note 12 for further reference on impairment testing.USDm 2024 2023 2022OTHER INTANGIBLE ASSETSCost: Balance as of 01 January 2.8 2.3 \u2014 Exchange rate adjustments \u2014 \u2014 0.2 Additions 1.1 0.5 0.6 Additions from business combinations \u2014 \u2014 1.2 Transfer from other items \u2014 \u2014 0.3 Balance as of 31 December 3.9 2.8 2.3 Amortization: Balance as of 01 January 1.0 0.4 \u2014 Amortization for the year 0.9 0.6 0.3 Transfer from other items \u2014 \u2014 0.1 Balance as of 31 December 1.9 1.0 0.4 Carrying amount 2.0 1.8 1.9Accounting PoliciesGoodwillGoodwill is measured as the excess of the cost of the business combination over the fair value of the acquired assets, liabilities, and contingent liabilities and is recognized as an asset under intangible assets. For each business combination, TORM elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. Goodwill is not amortized as it is considered to have an indefinite useful life, but the recoverable amount of goodwill is assessed annually. For impairment testing purposes, goodwill is on initial recognition allocated to the cash generating unit expected to benefit from the synergies of the combination. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is first allocated to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss for goodwill is not reversed in a subsequent period.Other Intangible AssetsOther intangible assets consist of software as well as scrubber test facility development costs and customer list acquired in connection with the Marine Exhaust Technology A/S acquisition. Other intangible assets are measured at cost less accumulated amortization and impairment losses. Other intangible assets are considered as having finite useful lives and are amortized on a straight-line basis over: \u2022 Software: 3 years \u2022 Scrubber test facility: 2 years \u2022 Customer list: 7 yearsNOTE 10 \u2013 TANGIBLE FIXED ASSETSUSDm 2024 2023 2022LAND AND BUILDINGS Cost: Balance as of 01 January 14.6 12.0 10.9 Exchange rate adjustment -0.2 -0.2 -0.3 Additions 5.6 4.4 0.3 Additions from business combinations \u2014 \u2014 1.1 Disposals -2.4 -1.6 \u2014 Balance as of 31 December 17.6 14.6 12.0 Depreciation: Balance as of 01 January 9.1 8.2 6.1 Exchange rate adjustment 0.2 \u2014 -0.2 Disposals -2.3 -1.6 \u2014 Depreciation for the year 2.5 2.5 2.3 Balance as of 31 December 9.5 9.1 8.2 Carrying amount as of 31 December 8.1 5.5 3.8 USDm 2024 2023 2022VESSELS AND CAPITALIZED DRY-DOCKINGCost:Balance as of 01 January 2,622.1 2,421.2 2,443.3 Additions 792.7 476.0 77.2 Disposals -20.7 -31.9 -14.2 Transferred from prepayments 197.5 40.6 55.1 Transferred to assets held for sale -90.7 -283.8 -140.2 Balance as of 31 December 3,500.9 2,622.1 2,421.2 Depreciation:Balance as of 01 January 536.3 543.8 475.0 Disposals -20.7 -31.9 -14.2 Depreciation for the year 186.7 143.7 133.7 Transferred to assets held for sale -41.7 -119.3 -50.7 Balance as of 31 December 660.6 536.3 543.8 Impairment:Balance as of 01 January 15.6 21.5 30.5 Impairment losses on tangible fixed assets\u00b9\u207e \u2014 \u2014 2.7 Transferred to assets held for sale -2.0 -5.9 -11.7 Balance as of 31 December 13.6 15.6 21.5 Carrying amount as of 31 December 2,826.7 2,070.2 1,855.9 \u00b9\u207e For additional information regarding impairment considerations, please refer to Note 12Included in the carrying amount for \u201cVessels and capitalized dry-docking\u201d are capitalized dry-docking costs in the amount of USD 108.2m (2023: USD 75.1m, 2022: USD 50.1m).Included in the carrying amount for \u201cVessels and capitalized dry-docking\u201d are vessels on time charter leases (as lessor) in the amount of USD 395.5m (2023: 169.8m, 2022: 13.7m). Please refer to Note 23 for expected redelivery of the vessels. In 2024 TORM took delivery of 19 (2023: 5, 2022: 0) vessels in connection with partly share-based transactions for a total purchase price of USD 864.5m (2023: USD 173.0m, 2022: 0.0m), of which USD 86.0m was paid in 2023. The fair value of the vessels is based on the market approach which considers the valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels. The shipbrokers\u2019 primary input is deadweight tonnage, yard, and age of the vessel. The fair value assumes that the vessels are in good and seaworthy condition and with prompt, charter-free delivery.USDm 2024 2023 2022PREPAYMENTS ON VESSELSCost:Balance as of 01 January 86.0 \u2014 12.0 Additions 111.5 126.6 43.1 Transferred to vessels -197.5 -40.6 -55.1 Balance as of 31 December \u2014 86.0 \u2014 Carrying amount as of 31 December \u2014 86.0 \u2014 USDm 2024 2023 2022OTHER PLANT AND OPERATING EQUIPMENTCost:Balance as of 01 January 11.2 10.5 9.3 Exchange rate adjustment -0.1 \u2014 -0.2 Additions 1.3 1.3 0.8 Additions from business combinations \u2014 \u2014 1.6 Disposals -6.5 -0.6 -0.7 Transfers \u2014 \u2014 -0.3 Balance as of 31 December 5.9 11.2 10.5 Depreciation:Balance as of 01 January 6.8 4.9 3.0 Exchange rate adjustment -0.1 \u2014 -0.2 Disposals -5.9 -0.6 -0.6 Depreciation for the year 1.8 2.5 2.8 Transfers \u2014 \u2014 -0.1 Balance as of 31 December 2.6 6.8 4.9 Carrying amount as of 31 December 3.3 4.4 5.6 For information on assets provided as collateral security, please refer to Note 21. Please refer to Note 12 for information on impairment testing.The depreciation expense related to \u201cOther plant and operating equipment\u201d of USD 1.8m relates to \u201cAdministrative expense\u201d (2023: USD 2.5m, 2022: USD 2.8m). Depreciation and impairment losses on tangible fixed assets on \u201cVessels and capitalized dry-docking\u201d relate to operating expenses.Accounting PoliciesVesselsVessels consist of owned vessels and vessels financed via sale and leaseback transactions. Vessels are measured at cost less accumulated depreciation and accumulated impairment losses. Costs comprise acquisition costs 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. In partly share-based acquisitions, vessels are measured at fair value at the delivery date, where the purchase price is compared to valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels and adjusted if a material difference is identified. All major components of vessels (scrubbers, etc.) except for dry-docking costs are depreciated on a straight-line basis to the estimated residual value over their estimated useful life. Different drivers such as TORM\u2019s short and long-term climate targets, the revised IMO\u2019s Green House Gas Strategy, and other new regulation and policies with increased focus on carbon reduction on both short and long-term impact the determination of the estimated useful life. Considering the different drivers, TORM estimates the useful life to be 25 years for newbuildings - in line with previous years and with what is used by other shipowners with comparable tonnage. Depreciation is based on costs less the estimated residual value. Residual value is estimated as the lightweight tonnage of each vessel multiplied by the recycling prices per ton. TORM has completed phasing in green recycling prices in the calculation of residual values by applying a weighted average of green recycling and conventional recycling prices, while using a 3-year average to limit volatility. 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 TORM\u2019s business plans.TORM also evaluates the carrying amounts to determine if events have occurred which indicate impairment and would require a modification of the carrying amounts at the reporting date. Prepayment on vessels is measured at costs incurred.Dry-dockingApproximately every 24 and 60 months, depending on the nature of work and external requirements, the vessels are required to undergo planned dry-dockings for replacement of certain components, major repairs, and major maintenance of other components, which cannot be carried out while the vessels are operating. These dry-docking costs are capitalized and depreciated on a straight-line basis over the estimated period until the next dry-docking. The residual value of such components is estimated at nil. The useful life of the dry-docking costs is reviewed at least at each financial year-end based on market conditions, regulatory requirements, and TORM\u2019s business plans. 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 thereof 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 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.At 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, the 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 turbocharger, 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.Prepayments on vesselsPrepayments consist of prepayments related to the purchase of second-hand vessels not yet delivered and to newbuilding contracts for vessels not yet delivered which also include the share of borrowing costs directly attributable to the acquisition of the underlying vessel. When a vessel is delivered, the prepaid amount is reallocated to the financial statement line \u201cVessels and capitalized dry-docking\u201d.Land and buildings and other plant and operating equipmentLand and buildings and other plant and operating equipment consist of leaseholds regarding office buildings, leasehold improvements, company cars, IT equipment, and software and is measured at historical cost less accumulated depreciation and any impairment loss. Any subsequent cost is included in the asset\u2019s carrying amount or recognized as a separate asset only when it is probable that future economic benefits are associated with the item and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful life of the assets. The current estimates are:\u2022 Land and buildings \u2022 Office buildings: Over the shorter of the remaining leasing term and the estimated useful life\u2022 Leasehold improvements: Over the shorter of the remaining leasing term and the estimated useful life\u2022 Other plant and operating equipment\u2022 Company cars: Over the lease term, typically 3 years\u2022 IT equipment: 3\u20135 years \u2022 Software: 3\u20135 years\u2022 Other equipment 3\u201315 yearsThe depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by the Management. For a right-of-use asset, depreciation commences at the commencement date of the lease. Assets held for saleAssets are classified as held-for-sale if the carrying amount will be recovered principally through a sales transaction rather than through continuing use. This condition is regarded as met only when the asset is available for immediate sale in its present condition subject to terms which are usual and customary for sales of such assets, and when its sale is highly probable. The Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Assets held for sale mainly refer to vessels being sold and are measured at the lower of their previous carrying amount and fair value less costs to sell. Gains are recognized on delivery to the new owners in the income statement in the item \u201cProfit from sale of vessels\u201d. Anticipated losses are recognized at the time when the asset is classified as held-for-sale in the item \u201cImpairment losses on tangible and intangible assets\u201d.NOTE 11 \u2013 LEASINGTORM leases office buildings, some vehicles, and other administrative equipment. Except for short-term leases and leases of low-value assets, each lease is reflected on the balance sheet as a right-of-use asset with a corresponding lease liability. The right-of-use assets are included in the financial statement line item in which the corresponding underlying assets would be presented if they were owned. Please refer to Note 10.As of 31 December 2024, TORM had recognized the following right-of-use assets:Other plant and Land and operating USDmbuildingsequipmentCost:Balance as of 01 January 2024 14.6 1.5 Exchange rate adjustments -0.2 \u2014 Additions 5.6 \u2014 Disposals -2.4 -0.3 Balance as of 31 December 2024 17.6 1.2 Depreciation:Balance as of 01 January 2024 9.1 0.7 Exchange rate adjustment 0.2 \u2014 Disposals -2.3 -0.3 Depreciation for the year 2.5 0.3 Balance as of 31 December 2024 9.5 0.7 Carrying amount as of 31 December 2024 8.1 0.5 Other plant and Land and operating USDmbuildingsequipmentCost:Balance as of 01 January 2023 12.0 1.3 Exchange rate adjustments -0.2 0.1 Additions 4.4 0.1 Disposals -1.6 \u2014 Balance as of 31 December 2023 14.6 1.5 Depreciation:Balance as of 01 January 2023 8.2 0.4 Exchange rate adjustments \u2014 -0.1 Disposals -1.6 \u2014 Depreciation for the year 2.5 0.4 Balance as of 31 December 2023 9.1 0.7 Carrying amount as of 31 December 2023 5.5 0.8 Other plant and Land and operating USDmbuildingsequipmentCost:Balance as of 01 January 2022 10.9 0.7 Exchange rate adjustments -0.3 \u2014 Additions 0.3 0.1 Additions from business combinations 1.1 0.9 Disposals \u2014 -0.4 Balance as of 31 December 2022 12.0 1.3 Depreciation:Balance as of 01 January 2022 6.1 0.5 Exchange rate adjustments -0.2 \u2014 Disposals \u2014 -0.3 Depreciation for the year 2.3 0.2 Balance as of 31 December 2022 8.2 0.4 Carrying amount as of 31 December 2022 3.8 0.9 The table below describes the nature of the Group\u2019s leasing activities by type of right-of-use assets recognized on the balance sheet as of 31 December 2024:Other plant and Land and operating buildingsequipmentNo. of right-of-use assets leased 16 6Range of remaining term 0 - 5 years 0 - 2 yearsAverage remaining lease term 2.7 years 2.1 yearsNo. of leases with extension options 12 6No. of leases with options to purchase 0 1No. of leases with termination options128Lease liabilities regarding right-of-use assets are included on the balance sheet under \u201cBorrowings\u201d. USDm 2024 2023 2022Maturity analysis - contractual undiscounted cash flowLess than one year 3.1 2.9 2.7 One to five years 7.2 4.7 2.6 Total undiscounted lease liabilities as of 31 December 10.3 7.6 5.3 Lease liabilities included under \u201cBorrowings\u201d as of 31 December 8.6 6.6 5.0 Non-current 6.4 4.1 2.5 Current 2.2 2.5 2.5 Extension and termination options are included in several leases in order to optimize operational flexibility in terms of managing contracts. The lease term determined by TORM is the non-cancellable period of a lease, together with any extension/termination options if these are/are not reasonably certain to be exercised. Lease payments not recognized as a liabilityTORM has elected not to recognize a lease liability for short-term leases (leases of an expected term of 12 months or less) or for leases of low-value assets. Payments made under such leases are expensed on a straight-line basis. The expenses relating to payments not recognized as a lease liability are insignificant.Cash outflow for leasesThe total cash outflow for leases amounts to USD 3.6m (2023: USD 3.2m, 2022: USD 2.7m).Accounting policiesTORM 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. 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 the Company or over the lease period depending on the lease terms.The corresponding lease obligation is recognized as a liability in the balance sheet under \u201cBorrowings\u201d and initially measured at the present value of the lease payments that are not paid at the commencement date. The Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. Subsequently lease liabilities are measured at amortized cost using the effective interest method, where the lease liabilities are remeasured when there is a change in future lease payments. 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.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 \u201cBorrowings\u201d. No gain or loss is recorded, and the asset remains recognized on the balance sheet under Vessels and capitalized dry-docking.",
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"value": "Administrative expensesAdministrative expenses, which comprise administrative staff costs, management costs, office expenses, and other expenses relating to administration, are expensed as incurred.NOTE 5 \u2013 STAFF COSTSEmployee InformationStaff costs included in operating expenses relate to the 109 seafarers employed under Danish contracts (2023: 105, 2022:100).The average number of employees is calculated as a full-time equivalent (FTE).The Executive Director is, in the event of termination by the Company, entitled to a severance payment of up to 12 months' salary.USDm 2024 2023 2022Total staff costsStaff costs included in operating expenses 9.6 8.6 7.7 Staff costs included in administrative expenses 77.3 69.3 42.0 Total 86.9 77.9 49.7 Staff costs comprise the followingWages and salaries 47.3 46.9 38.8 Share-based compensation 30.3 23.0 2.9 Pension costs 4.2 3.8 3.3 Other social security costs 0.4 1.4 1.5 Other staff costs 4.7 2.8 3.2 Total 86.9 77.9 49.7 Average number of permanent employeesSeafarers 109 105 100 Land-based 498 468 386 Total 607 573 486 At the end of 2024 TORM has a pool of 3,677 (2023: 3,271, 2022: 3,218) seafarers.The majority of seafarers on vessels are on short-term contracts. The average number of seafarers on board vessels on short-term contracts in 2024 was 1,721 (2023: 1,625, 2022: 1,565).Total seafarers\u2019 costs in 2024 were USD 141.4m (2023: USD 127.1m, 2022: USD 124.9m), which is included in \u201cOperating expenses\u201d of which USD 131.8m (2023: USD 118.5m, 2022: USD 117.2m) pertains to cost for seafarers on board vessels on short term contracts and USD 9.6m (2023: USD 8.6m, 2022: USD 7.7m) pertains to cost for seafarers employed under the Danish contract as indicated in the staff costs table above. USD '000 2024 2023 2022Non-Executive Board and Committee remuneration, short termChristopher H. Boehringer 212 214 210 David N. Weinstein 217 219 207 G\u00f6ran Trapp 163 164 155 Annette Malm Justad 163 164 155 Total 755 761 727 Executive ManagementAnnualTaxable performanceShare-based USD '000 Salarybenefitsbonuspayment TotalExecutive Management remunerationJacob Meldgaard2022, TORM A/S\u00b9\u207e 1,040 39 593 \u2014 1,672 2022, TORM plc\u00b9\u207e 72 \u2014 \u2014 439 511 2023, TORM A/S\u00b9\u207e 1,119 40 1,277 \u2014 2,436 2023, TORM plc\u00b9\u207e 77 \u2014 \u2014 4,383 4,460 2024, TORM A/S\u00b9\u207e 1,141 40 1,233 \u2014 2,414 2024, TORM plc\u00b9\u207e 76 \u2014 \u2014 5,530 5,606 \u00b9\u207e Paid by legal entity as noted.Senior Management TeamThe aggregated compensation expensed by the Group to the three (2023: three, 2022: three) other members of the Senior Management Team in 2024 (excluding CEO Jacob Meldgaard) was USD 9.5m (2023: USD 7.5m, 2022: USD 2.8m), which includes an aggregate of USD 0.1m (2023: USD 0.1m, 2022: USD 0.1m) allocated for pensions (defined contribution plans) and share-based payment of USD 7.5 m (2023: 6.0m, 2022: 0.7m) for these individuals. LTIP element of CEO Jacob Meldgaard's remuneration package 2024:Ordinary Ordinary Retention OrdinaryGrant Date 23-Mar-22 29-Mar-23 29-Mar-23 07-Mar-24RSU LTIP grant\u00b9\u207e 255,200 255,200 300,000 255,200Exercise price per share DKK 58.00 DKK 220.60 USD 0.01 DKK 258.40RSU grant value assuming 100% vesting USD 0.5m USD 2.5m USD 10.7m USD 1.9m\u00b9\u207e LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 9 dated 23 March 2022 , announcement no.9 dated 29 March 2023 and announcement no.9 dated 7 March 2024 , therefore there is no minimum or maximum for 2022, 2023 and 2024.TORM operates an equity-settled, share-based compensation plan. 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. Employment in TORM throughout the period is in most cases a prerequisite for upholding the full vesting rights in the RSU program. For voluntary leavers subject to the Danish Stock Options Act, the RSUs will vest in accordance with the vesting schedule, but for all other leavers, all unvested RSUs shall be immediately forfeited for no consideration. Options are granted under the plan for no consideration and carry no dividend or voting rights.In accordance with its Remuneration Policy, TORM has granted the CEO a number of Restricted Share Units (RSUs). There are no performance conditions associated with this grant of RSUs.Refer to Long-Term Incentive Program \u2013 restricted share units granted to the executive director on page 178 for further information. The original RSUs granted to the CEO in 2016 vested in equal installments over a five years period. Subsequent awards vest in equal installments over three years.Vested RSUs may be exercised for a period of 360 days from each vesting date. Details of the CEO\u2019s awards and interests in Restricted Share Units are set out on page 116.The single figure remuneration table for the CEO does not include any amounts in relation to the RSU awards as there are no performance conditions associated with this grant of RSUs. As detailed in announcement no. 9 issued on 23 March 2022, the CEO was granted a total of 255,200 RSUs which will vest in equal amounts over the next three years. The first amount could be exercised from 1 January 2023. The exercise price for each RSU is DKK 58.0, corresponding to the average price of TORM shares in the 90 calendar days preceding the publication of TORM plc\u2019s 2021 Annual Report plus a 15% premium. Vested RSUs may be exercised for a period of 360 days from each vesting date.As detailed in announcement no. 9 issued on 29 March 2023, the CEO was granted a total of 255,200 RSUs which will vest in equal amounts over the next three years. The first amount could be exercised from 01 January 2024. The exercise price for each RSU is DKK 220.6, corresponding to the average price of TORM shares in the 90 calendar days preceding the publication of TORM plc\u2019s 2022 Annual Report plus a 15% premium adjusted for the dividend payment related to TORM\u2019s fourth quarter 2022 results. Vested RSUs may be exercised for a period of 360 days from each vesting date. In addition to the RSUs granted above, the CEO is granted a total of 300,000 RSUs in the Additional Retention Program on similar terms as outlined above, with the exception that the strike price for these RSUs is set to one US cent and that all RSUs will vest on 01 March 2026. As detailed in announcement no. 9 issued on 07 March 2024, the CEO was granted a total of 255,200 RSUs which will vest in equal amounts over the next three years. The first amount could be exercised from 01 January 2025. The exercise price for each RSU is DKK 258.4 corresponding to the average price of TORM shares in the 90 calendar days preceding the publication of TORM plc\u2019s 2023 Annual Report plus a 15% premium. Vested RSUs may be exercised for a period of 360 days from each vesting date.Long-term employee benefit obligationsThe obligation comprises an obligation under the incentive programs to deliver Restricted Share Units in TORM plc at a determinable price to the entity's key personnel, including the CEO. The RSUs granted entitle the holder to acquire one TORM A-share.The program comprises the following number of shares in TORM plc:Number of shares (1,000) 2024 2023 2022Outstanding as of 01 January 4,417.7 2,424.0 2,372.9 Granted during the period\u00b9\u207e 1,506.4 3,136.6 1,393.0 Exercised during the period -1,345.4 -1,137.6 -1,078.0 Expired/forfeited during the period -122.1 -5.3 -263.9 Outstanding as of 31 December 4,456.6 4,417.7 2,424.0 Exercisable as of 31 December \u2014 \u2014 \u2014\u00b9\u207e Includes additional 36,259 RSUs granted in 2024 to adjust for the impact of dividends on the share price in accordance with the original terms of the grant. No modifications to the terms of the grant in the RSU program have occurred.In 2022, the Board of Directors agreed to grant a total of 1,137,770 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 58.0 The exercise period is 360 days from each vesting date. The fair value of the options granted in 2022 was determined using the Black-Scholes model and is not material. The average remaining contractual life for the restricted shares as of 31 December 2022 was 1.5 years, and as of 31 December 2024 was 0.0 years. In 2023, the Board of Directors agreed to grant a total of 1,248,153 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 220.6. The exercise period is 360 days from each vesting date. The fair value of the options granted in 2023 was determined using the Black-Scholes model and amounts to USD 10.8m. The average remaining contractual life for the restricted shares as of 31 December 2023 was 1.5 years, and as of 31 December 2024 was one year. In addition to the RSUs granted above, the other management is granted a total of 1,333,222 RSUs in the Additional Retention Program on similar terms as outlined above, with the exception that the strike price for these RSUs is set to one US cent and that all RSUs will vest on 01 March 2026. The fair value of the options in the Additional Retention Program granted in 2023 was determined using the Black-Scholes model and amounts to USD 40.4m.In 2024, the Board of Directors agreed to grant a total of 1,214,986 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 258.4. The exercise period is 360 days from each vesting date. The fair value of the options granted in 2024 was determined using the Black-Scholes model and amounts to USD 8.1m. The average remaining contractual life for the restricted shares as of 31 December 2024 is 1.5 years. Accounting PoliciesEmployee benefitsWages, salaries, social security contributions, holiday and sick leave, bonuses, and other monetary and non-monetary benefits are recognized in the year in which the employees render the associated services. Please also refer to the accounting policy for share-based payment.Pension plansThe Group has entered into defined contribution plans only. Pension costs related to defined contribution plans are recorded in the income statement in the year to which they relate.Share-based paymentsThe Group makes equity-settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares which will eventually vest. The fair value of the share schemes is calculated using the Black-Scholes model at the grant date.NOTE 6 \u2013 REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY\u2019S ANNUAL GENERAL MEETINGThe remuneration of the auditor is required to be presented as follows:USDm 2024 2023 2022Audit feesFees payable to the Company's auditor for the audit of the Company's annual accounts 1.2 1.2 0.9 Audit of the Company's subsidiaries pursuant to legislation 0.1 0.1 0.1 Total audit fees 1.3 1.3 1.0 Non-audit feesAudit-related services 0.5 0.1 0.2 Others 0.5 0.1 0.2 Total non-audit fees 1.0 0.2 0.4 Total 2.3 1.5 1.4 Under SEC regulations, the remuneration of the auditor of USD 2.3m (2023: USD 1.5m, 2022: USD 1.4m) is required to be presented as follows: Audit fees USD 1.8m (2023: USD 1.4m, 2022: USD 1.2m), audit-related fees USD 0.5m (2023: USD 0.1m, 2022: USD 0.2m), tax fees USD 0.0m (2023: USD 0.0m, 2022: USD 0.0m), and all other fees USD 0.0m (2023: USD 0.0m, 2022: USD 0.0m.).TORM's Audit Committee pre-approves all audit, audit-related and non-audit services not prohibited by law to be performed by our independent auditors and associated fees prior to the engagement of the independent auditor with respect to such services.",
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"value": "Other operating expenses and incomeOther operating expenses primarily comprise management fees paid to commercial and technical managers for managing the fleet, profits and losses deriving from the disposal of fixed assets other than vessels as well as claims and disputes provisions.NOTE 3 \u2013 SEGMENTSegment Reporting - Consolidated Income StatementUSDm 2024 2023 2022Marine Inter-Marine Inter-Marine Inter-Tanker Engineering segment Tanker Engineering segment Tanker Engineering segment segmentsegmentelimination Totalsegmentsegmentelimination Totalsegmentsegmentelimination TotalRevenue 1,544.0 29.6 -14.4 1,559.2 1,491.4 48.0 -19.0 1,520.4 1,440.4 5.9 -2.9 1,443.4Port expenses, bunkers, and commissions -409.2 \u2014 \u2014 -409.2 -407.6 \u2014 \u2014 -407.6 -458.9 \u2014 \u2014 -458.9Other cost of goods and services sold \u2014 -18.5 9.2 -9.3 \u2014 -36.6 13.9 -22.7 \u2014 -3.0 2.4 -0.6Operating expenses -245.6 \u2014 0.5 -245.1 -216.4 \u2014 0.4 -216.0 -202.1 \u2014 \u2014 -202.1Profit from sale of vessels 51.3 \u2014 \u2014 51.3 50.4 \u2014 \u2014 50.4 10.2 \u2014 \u2014 10.2Administrative expenses -87.9 -7.7 \u2014 -95.6 -76.5 -6.4 \u2014 -82.9 -52.4 -2.6 \u2014 -55.0Other operating income and expenses -0.6 0.1 \u2014 -0.5 6.0 0.3 \u2014 6.3 5.9 \u2014 \u2014 5.9Share of profit/(loss) from joint ventures \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 0.2 \u2014 \u2014 0.2Impairment losses and reversal of impairment on tangible assets \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 -2.6 \u2014 \u2014 -2.6Depreciation and amortization -191.2 -0.8 \u2014 -192.0 -148.2 -1.1 \u2014 -149.3 -138.7 -0.3 \u2014 -139.0Operating profit (EBIT) 660.8 2.7 -4.7 658.8 699.1 4.2 -4.7 698.6 602.0 \u2014 -0.5 601.5Financial income 24.7 0.1 \u2014 24.8 14.3 \u2014 \u2014 14.3 3.9 0.1 \u2014 4.0Financial expenses -73.9 -0.2 \u2014 -74.1 -60.5 -0.4 \u2014 -60.9 -48.7 -0.1 \u2014 -48.8Profit before tax 611.6 2.6 -4.7 609.5 652.9 3.8 -4.7 652.0 557.2 \u2014 -0.5 556.7Tax 2.5 -0.5 \u2014 2.0 -4.0 \u2014 \u2014 -4.0 5.9 \u2014 \u2014 5.9Net profit for the year 614.1 2.1 -4.7 611.5 648.9 3.8 -4.7 648.0 563.1 \u2014 -0.5 562.6The eliminations above represent revenue and other costs of goods and services sold from the installation of scrubbers performed by the Marine Engineering entities on tanker vessels within the Tanker segment. All revenue from the Tanker segment is derived from external customers.In all material aspects, TORM\u2019s customers are domiciled outside the UK and are spread all over the world with only a few countries contributing significantly to TORM\u2019s revenue. Below is presented the countries contributing with more than 10% of TORM's revenue. 2024 2023 2022Countries contributing more than 10% of TORM's revenueUSDm % of total USDm % of total USDm % of totalSwitzerland 264.3 17.0 % 242.5 16.0 % 220.9 15.3 %United States 243.1 15.6 % 182.7 12.0 % \u2014 \u2014 %United Arab Emirates 160.5 10.3 % \u2014 \u2014 % \u2014 \u2014 %Mexico \u2014 \u2014 % \u2014 \u2014 % 178.2 12.8 %Revenue is allocated to countries based on the customer\u2019s ultimate parent domicile.A major part of TORM's revenues stems from a small group of customers. Below is presented the number of customers exceeding 10% of TORM's consolidated revenue and the customers' share of TORM's consolidated revenue.Customers contributing more than 10% of TORM's revenue 2024 2023 2022Number of customers 0 0 1Share of consolidated revenue \u2014 % \u2014 % 12 %Segment Reporting - Consolidated Balance Sheet USDm 2024 2023 2022Marine Inter-Marine Inter-Marine Inter-Tanker Engineering segment Tanker Engineering segment Tanker Engineering segment segmentsegmentelimination Totalsegmentsegmentelimination Totalsegmentsegmentelimination TotalASSETSIntangible assetsGoodwill \u2014 1.7 \u2014 1.7 \u2014 1.8 \u2014 1.8 \u2014 1.8 \u2014 1.8Other intangible assets 1.1 0.9 \u2014 2.0 0.9 0.9 \u2014 1.8 0.7 1.3 \u2014 2.0Total intangible assets 1.1 2.6 \u2014 3.7 0.9 2.7 \u2014 3.6 0.7 3.1 \u2014 3.8Tangible fixed assets Land and buildings 8.1 \u2014 \u2014 8.1 4.9 0.6 \u2014 5.5 2.8 1.0 \u2014 3.8Vessels and capitalized dry-docking 2,843.9 \u2014 -17.2 2,826.7 2,081.7 \u2014 -11.5 2,070.2 1,863.4 \u2014 -7.5 1,855.9Prepayments on vessels \u2014 \u2014 \u2014 \u2014 86.0 \u2014 \u2014 86.0 \u2014 \u2014 \u2014 \u2014Other non-current assets under construction \u2014 4.8 -0.2 4.6 \u2014 4.5 -0.3 4.2 \u2014 \u2014 \u2014 \u2014Other plant and operating equipment 2.1 1.2 \u2014 3.3 3.3 1.1 \u2014 4.4 4.1 1.5 \u2014 5.6Total tangible fixed assets 2,854.1 6.0 -17.4 2,842.7 2,175.9 6.2 -11.8 2,170.3 1,870.3 2.5 -7.5 1,865.3Financial assetsInvestments in joint ventures 0.1 \u2014 \u2014 0.1 0.1 \u2014 \u2014 0.1 0.1 \u2014 \u2014 0.1Loan receivables 4.5 \u2014 \u2014 4.5 4.5 \u2014 \u2014 4.5 4.6 \u2014 \u2014 4.6Deferred tax asset 3.1 \u2014 \u2014 3.1 0.4 \u2014 \u2014 0.4 0.5 \u2014 \u2014 0.5Other investments 0.2 \u2014 \u2014 0.2 \u2014 \u2014 \u2014 \u2014 0.2 \u2014 \u2014 0.2Total financial assets 7.9 \u2014 \u2014 7.9 5.0 \u2014 \u2014 5.0 5.4 \u2014 \u2014 5.4Total non-current assets 2,863.1 8.6 -17.4 2,854.3 2,181.8 8.9 -11.8 2,178.9 1,876.4 5.6 -7.5 1,874.5Inventories 62.6 5.8 \u2014 68.4 58.0 3.7 \u2014 61.7 61.1 11.0 -0.1 72.0Trade receivables 179.1 4.8 \u2014 183.9 206.2 5.0 -0.2 211.0 255.7 4.2 -0.4 259.5Other receivables 54.7 4.9 \u2014 59.6 58.8 1.7 \u2014 60.5 72.7 1.3 \u2014 74.0Prepayments 11.6 0.6 \u2014 12.2 10.7 4.5 \u2014 15.2 9.7 0.7 \u2014 10.4Cash and cash equivalents incl. restricted cash 284.9 6.3 \u2014 291.2 290.7 4.9 \u2014 295.6 321.4 2.4 \u2014 323.8Current assets excluding assets held for sale 592.9 22.4 \u2014 615.3 624.4 19.8 -0.2 644.0 720.6 19.6 -0.5 739.7Assets held for sale \u2014 \u2014 \u2014 \u2014 47.2 \u2014 \u2014 47.2 \u2014 \u2014 \u2014 \u2014Total current assets 592.9 22.4 \u2014 615.3 671.6 19.8 -0.2 691.2 720.6 19.6 -0.5 739.7TOTAL ASSETS 3,456.0 31.0 -17.4 3,469.6 2,853.4 28.7 -12.0 2,870.1 2,597.0 25.2 -8.0 2,614.2Segment Reporting - Consolidated Balance Sheet USDm 2024 2023 2022Marine Inter-Marine Inter-Marine Inter-Tanker Engineering segment Tanker Engineering segment Tanker Engineering segment segmentsegmentelimination Totalsegmentsegmentelimination Totalsegmentsegmentelimination TotalEQUITY AND LIABILITIESTotal equity 2,072.9 11.7 -9.8 2,074.8 1,661.3 9.9 -5.2 1,666.0 1,498.0 6.2 -0.5 1,503.7LiabilitiesNon-current tax liability related to held-over gains 45.2 \u2014 \u2014 45.2 45.2 \u2014 \u2014 45.2 45.2 \u2014 \u2014 45.2 Deferred tax liability \u2014 0.3 \u2014 0.3 3.3 0.3 \u2014 3.6 5.8 0.3 \u2014 6.1 Borrowings 1,060.8 0.2 \u2014 1,061.0 884.0 2.9 \u2014 886.9 844.6 5.2 \u2014 849.8 Other non-current liabilities 2.3 0.6 \u2014 2.9 2.2 0.8 \u2014 3.0 2.2 0.8 \u2014 3.0 Total non-current liabilities 1,108.3 1.1 \u2014 1,109.4 934.7 4.0 \u2014 938.7 897.8 6.3 \u2014 904.1Borrowings 163.5 1.8 \u2014 165.3 169.7 3.0 \u2014 172.7 115.7 1.4 \u2014 117.1 Trade payables 46.2 3.8 \u2014 50.0 39.6 3.4 \u2014 43.0 46.4 3.5 -1.4 48.5 Current tax liabilities 0.4 0.3 \u2014 0.7 0.6 \u2014 \u2014 0.6 1.6 0.4 \u2014 2.0 Other liabilities 60.7 0.6 \u2014 61.3 44.8 0.5 -0.1 45.2 31.0 0.3 -0.2 31.1 Provisions \u2014 0.6 \u2014 0.6 \u2014 0.6 \u2014 0.6 6.5 0.3 \u2014 6.8 Prepayments from customers 4.0 11.1 -7.6 7.5 2.7 7.3 -6.7 3.3 \u2014 6.8 -5.9 0.9 Total current liabilities 274.8 18.2 -7.6 285.4 257.4 14.8 -6.8 265.4 201.2 12.7 -7.5 206.4Total liabilities 1,383.1 19.3 -7.6 1,394.8 1,192.1 18.8 -6.8 1,204.1 1,099.0 19.0 -7.5 1,110.5TOTAL EQUITY AND LIABILITIES 3,456.0 31.0 -17.4 3,469.6 2,853.4 28.7 -12.0 2,870.1 2,597.0 25.2 -8.0 2,614.2Non-current asset additions during the year: Goodwill \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 1.8 \u2014 1.8 Other intangible assets 0.5 0.5 \u2014 1.0 0.6 \u2014 \u2014 0.6 0.6 1.2 \u2014 1.8 Land and buildings 5.6 \u2014 \u2014 5.6 4.4 \u2014 \u2014 4.4 0.3 1.1 \u2014 1.4 Vessels and capitalized dry-docking 798.5 \u2014 -5.8 792.7 520.4 \u2014 -4.0 516.4 84.7 \u2014 -7.5 77.2 Prepayments on vessels 111.5 \u2014 \u2014 111.5 86.0 \u2014 \u2014 86.0 43.1 \u2014 \u2014 43.1 Other non-current assets under construction \u2014 0.4 -0.2 0.2 \u2014 4.5 -0.3 4.2 \u2014 \u2014 \u2014 \u2014 Other plant and operating equipment 0.7 0.6 \u2014 1.3 1.1 0.2 \u2014 1.3 0.8 1.6 \u2014 2.4 Total non-current asset additions 916.8 1.5 -6.0 912.3 612.5 4.7 -4.3 612.9 129.5 5.7 -7.5 127.7The Company\u2019s non-current assets are based on domicile of the legal entity ownership in the following countries:USDm 2024 2023 2022UK 357.2 0.2 0.1 Denmark 1,604.2 1,746.6 1,607.7 Singapore 799.7 336.7 257.1 USA 76.0 79.8 \u2014 Other countries 9.7 10.6 4.5 Non-current assets 2,846.8 2,173.9 1,869.4 Accounting PoliciesThe segmentation is based on the Group\u2019s internal management and reporting structure. The Group has two operating segments, the Tanker segment, for which the services provided primarily comprise transportation of refined oil products such as gasoline, jet fuel, and naphtha, and the Marine Engineering segment for which the services provided primarily comprise developing and producing advanced and green marine equipment.Transactions between the segments are based on market-related prices and are eliminated at Group level.TORM considers the global product tanker market as a whole, and as the individual vessels are not limited to specific parts of the world, the Group has only one geographical segment for the Tanker segment. Further, the internal management reporting does not provide geographical information for either the Tanker segment or the Marine Engineering segment. Consequently, geographical segment information on revenue from external customers or non-current segment assets for the Tanker segment or the Marine Engineering segment are not provided.",
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"value": "Other operating expenses and incomeOther operating expenses primarily comprise management fees paid to commercial and technical managers for managing the fleet, profits and losses deriving from the disposal of fixed assets other than vessels as well as claims and disputes provisions.NOTE 3 \u2013 SEGMENTSegment Reporting - Consolidated Income StatementUSDm 2024 2023 2022Marine Inter-Marine Inter-Marine Inter-Tanker Engineering segment Tanker Engineering segment Tanker Engineering segment segmentsegmentelimination Totalsegmentsegmentelimination Totalsegmentsegmentelimination TotalRevenue 1,544.0 29.6 -14.4 1,559.2 1,491.4 48.0 -19.0 1,520.4 1,440.4 5.9 -2.9 1,443.4Port expenses, bunkers, and commissions -409.2 \u2014 \u2014 -409.2 -407.6 \u2014 \u2014 -407.6 -458.9 \u2014 \u2014 -458.9Other cost of goods and services sold \u2014 -18.5 9.2 -9.3 \u2014 -36.6 13.9 -22.7 \u2014 -3.0 2.4 -0.6Operating expenses -245.6 \u2014 0.5 -245.1 -216.4 \u2014 0.4 -216.0 -202.1 \u2014 \u2014 -202.1Profit from sale of vessels 51.3 \u2014 \u2014 51.3 50.4 \u2014 \u2014 50.4 10.2 \u2014 \u2014 10.2Administrative expenses -87.9 -7.7 \u2014 -95.6 -76.5 -6.4 \u2014 -82.9 -52.4 -2.6 \u2014 -55.0Other operating income and expenses -0.6 0.1 \u2014 -0.5 6.0 0.3 \u2014 6.3 5.9 \u2014 \u2014 5.9Share of profit/(loss) from joint ventures \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 0.2 \u2014 \u2014 0.2Impairment losses and reversal of impairment on tangible assets \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 -2.6 \u2014 \u2014 -2.6Depreciation and amortization -191.2 -0.8 \u2014 -192.0 -148.2 -1.1 \u2014 -149.3 -138.7 -0.3 \u2014 -139.0Operating profit (EBIT) 660.8 2.7 -4.7 658.8 699.1 4.2 -4.7 698.6 602.0 \u2014 -0.5 601.5Financial income 24.7 0.1 \u2014 24.8 14.3 \u2014 \u2014 14.3 3.9 0.1 \u2014 4.0Financial expenses -73.9 -0.2 \u2014 -74.1 -60.5 -0.4 \u2014 -60.9 -48.7 -0.1 \u2014 -48.8Profit before tax 611.6 2.6 -4.7 609.5 652.9 3.8 -4.7 652.0 557.2 \u2014 -0.5 556.7Tax 2.5 -0.5 \u2014 2.0 -4.0 \u2014 \u2014 -4.0 5.9 \u2014 \u2014 5.9Net profit for the year 614.1 2.1 -4.7 611.5 648.9 3.8 -4.7 648.0 563.1 \u2014 -0.5 562.6The eliminations above represent revenue and other costs of goods and services sold from the installation of scrubbers performed by the Marine Engineering entities on tanker vessels within the Tanker segment. All revenue from the Tanker segment is derived from external customers.In all material aspects, TORM\u2019s customers are domiciled outside the UK and are spread all over the world with only a few countries contributing significantly to TORM\u2019s revenue. Below is presented the countries contributing with more than 10% of TORM's revenue. 2024 2023 2022Countries contributing more than 10% of TORM's revenueUSDm % of total USDm % of total USDm % of totalSwitzerland 264.3 17.0 % 242.5 16.0 % 220.9 15.3 %United States 243.1 15.6 % 182.7 12.0 % \u2014 \u2014 %United Arab Emirates 160.5 10.3 % \u2014 \u2014 % \u2014 \u2014 %Mexico \u2014 \u2014 % \u2014 \u2014 % 178.2 12.8 %Revenue is allocated to countries based on the customer\u2019s ultimate parent domicile.A major part of TORM's revenues stems from a small group of customers. Below is presented the number of customers exceeding 10% of TORM's consolidated revenue and the customers' share of TORM's consolidated revenue.Customers contributing more than 10% of TORM's revenue 2024 2023 2022Number of customers 0 0 1Share of consolidated revenue \u2014 % \u2014 % 12 %Segment Reporting - Consolidated Balance Sheet USDm 2024 2023 2022Marine Inter-Marine Inter-Marine Inter-Tanker Engineering segment Tanker Engineering segment Tanker Engineering segment segmentsegmentelimination Totalsegmentsegmentelimination Totalsegmentsegmentelimination TotalASSETSIntangible assetsGoodwill \u2014 1.7 \u2014 1.7 \u2014 1.8 \u2014 1.8 \u2014 1.8 \u2014 1.8Other intangible assets 1.1 0.9 \u2014 2.0 0.9 0.9 \u2014 1.8 0.7 1.3 \u2014 2.0Total intangible assets 1.1 2.6 \u2014 3.7 0.9 2.7 \u2014 3.6 0.7 3.1 \u2014 3.8Tangible fixed assets Land and buildings 8.1 \u2014 \u2014 8.1 4.9 0.6 \u2014 5.5 2.8 1.0 \u2014 3.8Vessels and capitalized dry-docking 2,843.9 \u2014 -17.2 2,826.7 2,081.7 \u2014 -11.5 2,070.2 1,863.4 \u2014 -7.5 1,855.9Prepayments on vessels \u2014 \u2014 \u2014 \u2014 86.0 \u2014 \u2014 86.0 \u2014 \u2014 \u2014 \u2014Other non-current assets under construction \u2014 4.8 -0.2 4.6 \u2014 4.5 -0.3 4.2 \u2014 \u2014 \u2014 \u2014Other plant and operating equipment 2.1 1.2 \u2014 3.3 3.3 1.1 \u2014 4.4 4.1 1.5 \u2014 5.6Total tangible fixed assets 2,854.1 6.0 -17.4 2,842.7 2,175.9 6.2 -11.8 2,170.3 1,870.3 2.5 -7.5 1,865.3Financial assetsInvestments in joint ventures 0.1 \u2014 \u2014 0.1 0.1 \u2014 \u2014 0.1 0.1 \u2014 \u2014 0.1Loan receivables 4.5 \u2014 \u2014 4.5 4.5 \u2014 \u2014 4.5 4.6 \u2014 \u2014 4.6Deferred tax asset 3.1 \u2014 \u2014 3.1 0.4 \u2014 \u2014 0.4 0.5 \u2014 \u2014 0.5Other investments 0.2 \u2014 \u2014 0.2 \u2014 \u2014 \u2014 \u2014 0.2 \u2014 \u2014 0.2Total financial assets 7.9 \u2014 \u2014 7.9 5.0 \u2014 \u2014 5.0 5.4 \u2014 \u2014 5.4Total non-current assets 2,863.1 8.6 -17.4 2,854.3 2,181.8 8.9 -11.8 2,178.9 1,876.4 5.6 -7.5 1,874.5Inventories 62.6 5.8 \u2014 68.4 58.0 3.7 \u2014 61.7 61.1 11.0 -0.1 72.0Trade receivables 179.1 4.8 \u2014 183.9 206.2 5.0 -0.2 211.0 255.7 4.2 -0.4 259.5Other receivables 54.7 4.9 \u2014 59.6 58.8 1.7 \u2014 60.5 72.7 1.3 \u2014 74.0Prepayments 11.6 0.6 \u2014 12.2 10.7 4.5 \u2014 15.2 9.7 0.7 \u2014 10.4Cash and cash equivalents incl. restricted cash 284.9 6.3 \u2014 291.2 290.7 4.9 \u2014 295.6 321.4 2.4 \u2014 323.8Current assets excluding assets held for sale 592.9 22.4 \u2014 615.3 624.4 19.8 -0.2 644.0 720.6 19.6 -0.5 739.7Assets held for sale \u2014 \u2014 \u2014 \u2014 47.2 \u2014 \u2014 47.2 \u2014 \u2014 \u2014 \u2014Total current assets 592.9 22.4 \u2014 615.3 671.6 19.8 -0.2 691.2 720.6 19.6 -0.5 739.7TOTAL ASSETS 3,456.0 31.0 -17.4 3,469.6 2,853.4 28.7 -12.0 2,870.1 2,597.0 25.2 -8.0 2,614.2Segment Reporting - Consolidated Balance Sheet USDm 2024 2023 2022Marine Inter-Marine Inter-Marine Inter-Tanker Engineering segment Tanker Engineering segment Tanker Engineering segment segmentsegmentelimination Totalsegmentsegmentelimination Totalsegmentsegmentelimination TotalEQUITY AND LIABILITIESTotal equity 2,072.9 11.7 -9.8 2,074.8 1,661.3 9.9 -5.2 1,666.0 1,498.0 6.2 -0.5 1,503.7LiabilitiesNon-current tax liability related to held-over gains 45.2 \u2014 \u2014 45.2 45.2 \u2014 \u2014 45.2 45.2 \u2014 \u2014 45.2 Deferred tax liability \u2014 0.3 \u2014 0.3 3.3 0.3 \u2014 3.6 5.8 0.3 \u2014 6.1 Borrowings 1,060.8 0.2 \u2014 1,061.0 884.0 2.9 \u2014 886.9 844.6 5.2 \u2014 849.8 Other non-current liabilities 2.3 0.6 \u2014 2.9 2.2 0.8 \u2014 3.0 2.2 0.8 \u2014 3.0 Total non-current liabilities 1,108.3 1.1 \u2014 1,109.4 934.7 4.0 \u2014 938.7 897.8 6.3 \u2014 904.1Borrowings 163.5 1.8 \u2014 165.3 169.7 3.0 \u2014 172.7 115.7 1.4 \u2014 117.1 Trade payables 46.2 3.8 \u2014 50.0 39.6 3.4 \u2014 43.0 46.4 3.5 -1.4 48.5 Current tax liabilities 0.4 0.3 \u2014 0.7 0.6 \u2014 \u2014 0.6 1.6 0.4 \u2014 2.0 Other liabilities 60.7 0.6 \u2014 61.3 44.8 0.5 -0.1 45.2 31.0 0.3 -0.2 31.1 Provisions \u2014 0.6 \u2014 0.6 \u2014 0.6 \u2014 0.6 6.5 0.3 \u2014 6.8 Prepayments from customers 4.0 11.1 -7.6 7.5 2.7 7.3 -6.7 3.3 \u2014 6.8 -5.9 0.9 Total current liabilities 274.8 18.2 -7.6 285.4 257.4 14.8 -6.8 265.4 201.2 12.7 -7.5 206.4Total liabilities 1,383.1 19.3 -7.6 1,394.8 1,192.1 18.8 -6.8 1,204.1 1,099.0 19.0 -7.5 1,110.5TOTAL EQUITY AND LIABILITIES 3,456.0 31.0 -17.4 3,469.6 2,853.4 28.7 -12.0 2,870.1 2,597.0 25.2 -8.0 2,614.2Non-current asset additions during the year: Goodwill \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 1.8 \u2014 1.8 Other intangible assets 0.5 0.5 \u2014 1.0 0.6 \u2014 \u2014 0.6 0.6 1.2 \u2014 1.8 Land and buildings 5.6 \u2014 \u2014 5.6 4.4 \u2014 \u2014 4.4 0.3 1.1 \u2014 1.4 Vessels and capitalized dry-docking 798.5 \u2014 -5.8 792.7 520.4 \u2014 -4.0 516.4 84.7 \u2014 -7.5 77.2 Prepayments on vessels 111.5 \u2014 \u2014 111.5 86.0 \u2014 \u2014 86.0 43.1 \u2014 \u2014 43.1 Other non-current assets under construction \u2014 0.4 -0.2 0.2 \u2014 4.5 -0.3 4.2 \u2014 \u2014 \u2014 \u2014 Other plant and operating equipment 0.7 0.6 \u2014 1.3 1.1 0.2 \u2014 1.3 0.8 1.6 \u2014 2.4 Total non-current asset additions 916.8 1.5 -6.0 912.3 612.5 4.7 -4.3 612.9 129.5 5.7 -7.5 127.7The Company\u2019s non-current assets are based on domicile of the legal entity ownership in the following countries:USDm 2024 2023 2022UK 357.2 0.2 0.1 Denmark 1,604.2 1,746.6 1,607.7 Singapore 799.7 336.7 257.1 USA 76.0 79.8 \u2014 Other countries 9.7 10.6 4.5 Non-current assets 2,846.8 2,173.9 1,869.4 Accounting PoliciesThe segmentation is based on the Group\u2019s internal management and reporting structure. The Group has two operating segments, the Tanker segment, for which the services provided primarily comprise transportation of refined oil products such as gasoline, jet fuel, and naphtha, and the Marine Engineering segment for which the services provided primarily comprise developing and producing advanced and green marine equipment.Transactions between the segments are based on market-related prices and are eliminated at Group level.TORM considers the global product tanker market as a whole, and as the individual vessels are not limited to specific parts of the world, the Group has only one geographical segment for the Tanker segment. Further, the internal management reporting does not provide geographical information for either the Tanker segment or the Marine Engineering segment. Consequently, geographical segment information on revenue from external customers or non-current segment assets for the Tanker segment or the Marine Engineering segment are not provided.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__136": {
"value": "Financial assetsFinancial assets are initially recognized on the settlement date at fair value plus transaction costs, except for financial assets at fair value through profit or loss, which are recognized at fair value. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__137": {
"value": "Investments in joint venturesInvestments in joint ventures comprise investments in companies which by agreement are managed jointly with one or more companies and therefore are subject to joint control and in whichthe parties have rights to the net assets of the joint venture. Joint ventures are accounted for usingthe equity method. Under the equity method, the investment in joint ventures is initially recognizedat cost and thereafter adjusted to recognize TORM\u2019s share of the profit or loss in the joint venture. When TORM\u2019s share of losses in a joint venture exceeds the investment in the joint venture, TORM discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that TORM has incurred legal or constructive obligations or made payments on behalf of thejoint venture.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__138": {
"value": "Treasury sharesTreasury shares are recognized as a separate component of equity at cost. Upon subsequent disposal of treasury shares, any consideration is also recognized directly in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__139": {
"value": "DividendInterim dividends are recognized when paid. Any year-end dividend is recognized as a liability at thedate of approval at the AGM.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__140-1": {
"value": "Other non-current liabilitiesOther non-current liabilities consist of long-term employee-related liabilities related to the frozen Danish holiday funds in connection with the transition to the new Danish Holiday Act. TORM has elected to keep the holiday funds until the employees, covered at the transition date, reach the ageof retirement. The liability is remeasured annually based on an index rate published by the Holiday Allowance fund.NOTE 19 \u2013 OTHER LIABILITIESUSDm 2024 2023 2022Accrued operating expenses 22.7 17.8 10.5 Accrued interest 11.3 2.1 3.6 Wages and social expenses 19.0 22.4 15.1 Accrued administration expenses 2.6 1.9 1.5 Derivative financial instruments 2.5 2.8 1.9 EU Emission Allowances 5.2 \u2014 \u2014 Other 0.9 1.2 1.5 Balance as of 31 December 64.2 48.2 34.1 Hereof non-current 2.9 3.0 3.0 Hereof current 61.3 45.2 31.1 The carrying amount is a reasonable approximation of fair value due to the short-term nature of the payable. Please refer to note 26 for further information on fair value hierarchies.Accounting PoliciesOther liabilities are generally measured at amortized cost. Derivative financial instruments included in other liabilities are measured at fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__141": {
"value": "Trade payablesTrade payables are recognized at the fair value of the item purchased and are subsequently measured at amortized cost.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__143": {
"value": "Cash flow statementThe cash flow statement shows how income and changes in the balance sheet items affect cash and cash equivalent, i.e. how cash is generated or used in the period. The cash flow statement is presented in accordance with the indirect method commencing with \u201cNet profit/(loss) for the year\u201d.Cash flow from operating activities converts income statement items from the accrual basis of accounting to cash basis. Starting with \u201cNet profit/(loss) for the year\u201d, non-cash items are reversed, and actual payments are included. Further, the change in working capital is taken into account.Cash flow from investing activities comprises the cash used or received in the purchase and sale of tangible fixed assets and financial assets as well as cash from business combinations.Cash flow from financing activities comprises changes in the cash used or received in borrowings (amount of new borrowings and repayments), purchases or sales of treasury shares, dividends paid to shareholders.Cash and cash equivalents including restricted cash comprise cash and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets is approximately equal to their fair value. Cash and cash equivalents including restricted cash at the end of the reporting period are shown in the consolidated cash flow statement and can be reconciled to the related items in the consolidated balance sheet. The restricted cash balance relates to cash provided as security for initial margin calls and negative market values on derivatives as well as a sale and leaseback transaction prepayment to be released upon delivery of the vessel.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__142-1": {
"value": "Cash flow statementThe cash flow statement shows how income and changes in the balance sheet items affect cash and cash equivalent, i.e. how cash is generated or used in the period. The cash flow statement is presented in accordance with the indirect method commencing with \u201cNet profit/(loss) for the year\u201d.Cash flow from operating activities converts income statement items from the accrual basis of accounting to cash basis. Starting with \u201cNet profit/(loss) for the year\u201d, non-cash items are reversed, and actual payments are included. Further, the change in working capital is taken into account.Cash flow from investing activities comprises the cash used or received in the purchase and sale of tangible fixed assets and financial assets as well as cash from business combinations.Cash flow from financing activities comprises changes in the cash used or received in borrowings (amount of new borrowings and repayments), purchases or sales of treasury shares, dividends paid to shareholders.Cash and cash equivalents including restricted cash comprise cash and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets is approximately equal to their fair value. Cash and cash equivalents including restricted cash at the end of the reporting period are shown in the consolidated cash flow statement and can be reconciled to the related items in the consolidated balance sheet. The restricted cash balance relates to cash provided as security for initial margin calls and negative market values on derivatives as well as a sale and leaseback transaction prepayment to be released upon delivery of the vessel.NOTE 29 \u2013 CASH FLOWSUSDm 2024 2023 2022Reversal of other non-cash movements:Exchange rate adjustments -0.6 0.1 -0.3 Share-based payments 30.2 22.5 2.2 Fair value adjustments on derivative financial instruments -6.6 -1.5 0.6 Reversal of provisions adjustments \u2014 -6.5 -6.3 Other adjustments -0.1 -0.1 0.2 Total 22.9 14.5 -3.6 USDm 2024 2023 2022Change in inventories, receivables, and payables:Change in inventories -10.2 1.2 -21.8 Change in receivables 41.7 45.2 -158.1 Change in prepayments 8.4 -1.8 -5.7 Change in trade payables and other liabilities 7.9 3.2 4.7 Total 47.8 47.8 -180.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__144": {
"value": "Critical Accounting Estimates and JudgementsThe preparation of financial statements in accordance with IFRS requires the Management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions are affected by the way TORM applies its accounting policies. An accounting estimate is considered critical if the estimate requires the Management to make assumptions about matters subject to significant uncertainty, if different estimates could reasonably have been used, or if changes in the estimate that would have a material impact on the Company\u2019s financial position or results of operations are reasonably likely to occur from period to period. The Management believes that the accounting estimates applied are appropriate and the resulting balances are reasonable. However, actual results could differ from the original estimates requiring adjustments to these balances in future periods.The Management also makes various accounting judgements in the preparation of the consolidated financial statements which can affect the amounts recognized.JudgementsThe Management has assessed that TORM has two cash-generating units (CGUs), being the Main Fleet and the Marine Engineering (previously referred to as Marine Exhaust) cash-generating units. The Main Fleet is comprised of TORM\u2019s LR1, LR2 and MR vessels, which are largely interchangeable, and the cash flows generated by them are interdependent. These vessels are operated via the One TORM platform 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 location of vessels meeting required specifications and the price of transport rather than vessel class. Given the technical specifications and capacity of vessels, the Main Fleet is relatively homogenous with a very high degree of interoperability. All vessels in the Main Fleet can handle multiple sizes of cargo 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 which are largely independent of those from other vessels or vessel classes. The MR vessels acquired in prior years with chemical trading capability are operated as all other product tanker vessels and thus included in the Main Fleet CGU.In addition, the activities within the Marine Engineering segment represent a single CGU because cash inflows are generated independent of the cash inflows from the Main Fleet from serving the existing external customer base of the Marine Engineering segment.EstimatesCarrying amounts of vesselsThe Company evaluates the carrying amounts of the vessels (including newbuildings) to determine if events have occurred which would require a modification of their carrying amounts. The recoverable amount of vessels is reviewed based on events or changes in circumstances which would indicate that the carrying amount of its vessels might not be recoverable. In assessing the recoverability of the vessels, the Company reviews certain indicators of potential impairment or indication of any past impairment losses that should be reversed. If an indication of impairment or reversal of past impairment is identified, the need for recognizing an impairment lossor a recognition of a reversal of a past impairment loss is assessed by comparing the carrying amount of the vessels to the higher of the fair value less costs of disposal and the value in use.The Management assesses indicators of impairment that include, but are not limited to, broker vessel values, time charter rates, weighted average cost of capital, and any other adverse impacts from current economic, environmental, and geopolitical uncertainty, as well as the carrying amount of the net assets against the market capitalization. The fair value less cost of disposal of the vessels is based on the market approach which considers the valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels. The shipbrokers\u2019 primary input is deadweight tonnage, yard, and age of the vessel. The fair value assumes that the vessels are in good and seaworthy condition and with prompt, charter-free delivery.The assessment of the value in use is based on projection of future discounted cash flows related to the vessels which is complex and requires the Company to make various estimates including future freight rates, utilization, earnings from the vessels, future operating expenses and capital expenditure including dry-docking costs and discount rates. All these factors have been historically volatile, especially the freight rates. The carrying amounts of TORM\u2019s vessels may not represent their fair market value at any point in time, as market prices of second-hand vessels to a certain degree tend to fluctuate with changes in freight rates and the cost of newbuildings. However, if the estimated future cash flow or related assumptions in the future change, an impairment write-down or reversal of impairment may be required.For more information refer to Note 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__145": {
"value": "Subsequent EventsAfter the end of 2024, TORM sold the MR vessels TORM Ragnhild, TORM Resilience and TORM Thames to new owners with expected delivery during the remaining part of Q1 2025.TORM\u2019s Board of Directors has on the date of this report approved an interim dividend for the fourth quarter of USD 0.60 per share to be paid to the shareholders corresponding to an expected total dividend payment of USD 58.4m. The distribution for the quarter is equivalent to 75% of net profit and reflects the Distribution Policy. The payment date is 02 April 2025 to all shareholders on record as of 20 March 2025, and the ex-dividend date is 19 March 2025 for the shares listed on Nasdaq OMX Copenhagen and 20 March 2025 for the shares listed on Nasdaq New York. The dividend payment will not be recognized as a liability and there are no tax consequences.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__147": {
"value": "NOTE 3 \u2013 SEGMENTSegment Reporting - Consolidated Income StatementUSDm 2024 2023 2022Marine Inter-Marine Inter-Marine Inter-Tanker Engineering segment Tanker Engineering segment Tanker Engineering segment segmentsegmentelimination Totalsegmentsegmentelimination Totalsegmentsegmentelimination TotalRevenue 1,544.0 29.6 -14.4 1,559.2 1,491.4 48.0 -19.0 1,520.4 1,440.4 5.9 -2.9 1,443.4Port expenses, bunkers, and commissions -409.2 \u2014 \u2014 -409.2 -407.6 \u2014 \u2014 -407.6 -458.9 \u2014 \u2014 -458.9Other cost of goods and services sold \u2014 -18.5 9.2 -9.3 \u2014 -36.6 13.9 -22.7 \u2014 -3.0 2.4 -0.6Operating expenses -245.6 \u2014 0.5 -245.1 -216.4 \u2014 0.4 -216.0 -202.1 \u2014 \u2014 -202.1Profit from sale of vessels 51.3 \u2014 \u2014 51.3 50.4 \u2014 \u2014 50.4 10.2 \u2014 \u2014 10.2Administrative expenses -87.9 -7.7 \u2014 -95.6 -76.5 -6.4 \u2014 -82.9 -52.4 -2.6 \u2014 -55.0Other operating income and expenses -0.6 0.1 \u2014 -0.5 6.0 0.3 \u2014 6.3 5.9 \u2014 \u2014 5.9Share of profit/(loss) from joint ventures \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 0.2 \u2014 \u2014 0.2Impairment losses and reversal of impairment on tangible assets \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 -2.6 \u2014 \u2014 -2.6Depreciation and amortization -191.2 -0.8 \u2014 -192.0 -148.2 -1.1 \u2014 -149.3 -138.7 -0.3 \u2014 -139.0Operating profit (EBIT) 660.8 2.7 -4.7 658.8 699.1 4.2 -4.7 698.6 602.0 \u2014 -0.5 601.5Financial income 24.7 0.1 \u2014 24.8 14.3 \u2014 \u2014 14.3 3.9 0.1 \u2014 4.0Financial expenses -73.9 -0.2 \u2014 -74.1 -60.5 -0.4 \u2014 -60.9 -48.7 -0.1 \u2014 -48.8Profit before tax 611.6 2.6 -4.7 609.5 652.9 3.8 -4.7 652.0 557.2 \u2014 -0.5 556.7Tax 2.5 -0.5 \u2014 2.0 -4.0 \u2014 \u2014 -4.0 5.9 \u2014 \u2014 5.9Net profit for the year 614.1 2.1 -4.7 611.5 648.9 3.8 -4.7 648.0 563.1 \u2014 -0.5 562.6The eliminations above represent revenue and other costs of goods and services sold from the installation of scrubbers performed by the Marine Engineering entities on tanker vessels within the Tanker segment. All revenue from the Tanker segment is derived from external customers.In all material aspects, TORM\u2019s customers are domiciled outside the UK and are spread all over the world with only a few countries contributing significantly to TORM\u2019s revenue. Below is presented the countries contributing with more than 10% of TORM's revenue. 2024 2023 2022Countries contributing more than 10% of TORM's revenueUSDm % of total USDm % of total USDm % of totalSwitzerland 264.3 17.0 % 242.5 16.0 % 220.9 15.3 %United States 243.1 15.6 % 182.7 12.0 % \u2014 \u2014 %United Arab Emirates 160.5 10.3 % \u2014 \u2014 % \u2014 \u2014 %Mexico \u2014 \u2014 % \u2014 \u2014 % 178.2 12.8 %Revenue is allocated to countries based on the customer\u2019s ultimate parent domicile.A major part of TORM's revenues stems from a small group of customers. Below is presented the number of customers exceeding 10% of TORM's consolidated revenue and the customers' share of TORM's consolidated revenue.Customers contributing more than 10% of TORM's revenue 2024 2023 2022Number of customers 0 0 1Share of consolidated revenue \u2014 % \u2014 % 12 %Segment Reporting - Consolidated Balance Sheet USDm 2024 2023 2022Marine Inter-Marine Inter-Marine Inter-Tanker Engineering segment Tanker Engineering segment Tanker Engineering segment segmentsegmentelimination Totalsegmentsegmentelimination Totalsegmentsegmentelimination TotalASSETSIntangible assetsGoodwill \u2014 1.7 \u2014 1.7 \u2014 1.8 \u2014 1.8 \u2014 1.8 \u2014 1.8Other intangible assets 1.1 0.9 \u2014 2.0 0.9 0.9 \u2014 1.8 0.7 1.3 \u2014 2.0Total intangible assets 1.1 2.6 \u2014 3.7 0.9 2.7 \u2014 3.6 0.7 3.1 \u2014 3.8Tangible fixed assets Land and buildings 8.1 \u2014 \u2014 8.1 4.9 0.6 \u2014 5.5 2.8 1.0 \u2014 3.8Vessels and capitalized dry-docking 2,843.9 \u2014 -17.2 2,826.7 2,081.7 \u2014 -11.5 2,070.2 1,863.4 \u2014 -7.5 1,855.9Prepayments on vessels \u2014 \u2014 \u2014 \u2014 86.0 \u2014 \u2014 86.0 \u2014 \u2014 \u2014 \u2014Other non-current assets under construction \u2014 4.8 -0.2 4.6 \u2014 4.5 -0.3 4.2 \u2014 \u2014 \u2014 \u2014Other plant and operating equipment 2.1 1.2 \u2014 3.3 3.3 1.1 \u2014 4.4 4.1 1.5 \u2014 5.6Total tangible fixed assets 2,854.1 6.0 -17.4 2,842.7 2,175.9 6.2 -11.8 2,170.3 1,870.3 2.5 -7.5 1,865.3Financial assetsInvestments in joint ventures 0.1 \u2014 \u2014 0.1 0.1 \u2014 \u2014 0.1 0.1 \u2014 \u2014 0.1Loan receivables 4.5 \u2014 \u2014 4.5 4.5 \u2014 \u2014 4.5 4.6 \u2014 \u2014 4.6Deferred tax asset 3.1 \u2014 \u2014 3.1 0.4 \u2014 \u2014 0.4 0.5 \u2014 \u2014 0.5Other investments 0.2 \u2014 \u2014 0.2 \u2014 \u2014 \u2014 \u2014 0.2 \u2014 \u2014 0.2Total financial assets 7.9 \u2014 \u2014 7.9 5.0 \u2014 \u2014 5.0 5.4 \u2014 \u2014 5.4Total non-current assets 2,863.1 8.6 -17.4 2,854.3 2,181.8 8.9 -11.8 2,178.9 1,876.4 5.6 -7.5 1,874.5Inventories 62.6 5.8 \u2014 68.4 58.0 3.7 \u2014 61.7 61.1 11.0 -0.1 72.0Trade receivables 179.1 4.8 \u2014 183.9 206.2 5.0 -0.2 211.0 255.7 4.2 -0.4 259.5Other receivables 54.7 4.9 \u2014 59.6 58.8 1.7 \u2014 60.5 72.7 1.3 \u2014 74.0Prepayments 11.6 0.6 \u2014 12.2 10.7 4.5 \u2014 15.2 9.7 0.7 \u2014 10.4Cash and cash equivalents incl. restricted cash 284.9 6.3 \u2014 291.2 290.7 4.9 \u2014 295.6 321.4 2.4 \u2014 323.8Current assets excluding assets held for sale 592.9 22.4 \u2014 615.3 624.4 19.8 -0.2 644.0 720.6 19.6 -0.5 739.7Assets held for sale \u2014 \u2014 \u2014 \u2014 47.2 \u2014 \u2014 47.2 \u2014 \u2014 \u2014 \u2014Total current assets 592.9 22.4 \u2014 615.3 671.6 19.8 -0.2 691.2 720.6 19.6 -0.5 739.7TOTAL ASSETS 3,456.0 31.0 -17.4 3,469.6 2,853.4 28.7 -12.0 2,870.1 2,597.0 25.2 -8.0 2,614.2Segment Reporting - Consolidated Balance Sheet USDm 2024 2023 2022Marine Inter-Marine Inter-Marine Inter-Tanker Engineering segment Tanker Engineering segment Tanker Engineering segment segmentsegmentelimination Totalsegmentsegmentelimination Totalsegmentsegmentelimination TotalEQUITY AND LIABILITIESTotal equity 2,072.9 11.7 -9.8 2,074.8 1,661.3 9.9 -5.2 1,666.0 1,498.0 6.2 -0.5 1,503.7LiabilitiesNon-current tax liability related to held-over gains 45.2 \u2014 \u2014 45.2 45.2 \u2014 \u2014 45.2 45.2 \u2014 \u2014 45.2 Deferred tax liability \u2014 0.3 \u2014 0.3 3.3 0.3 \u2014 3.6 5.8 0.3 \u2014 6.1 Borrowings 1,060.8 0.2 \u2014 1,061.0 884.0 2.9 \u2014 886.9 844.6 5.2 \u2014 849.8 Other non-current liabilities 2.3 0.6 \u2014 2.9 2.2 0.8 \u2014 3.0 2.2 0.8 \u2014 3.0 Total non-current liabilities 1,108.3 1.1 \u2014 1,109.4 934.7 4.0 \u2014 938.7 897.8 6.3 \u2014 904.1Borrowings 163.5 1.8 \u2014 165.3 169.7 3.0 \u2014 172.7 115.7 1.4 \u2014 117.1 Trade payables 46.2 3.8 \u2014 50.0 39.6 3.4 \u2014 43.0 46.4 3.5 -1.4 48.5 Current tax liabilities 0.4 0.3 \u2014 0.7 0.6 \u2014 \u2014 0.6 1.6 0.4 \u2014 2.0 Other liabilities 60.7 0.6 \u2014 61.3 44.8 0.5 -0.1 45.2 31.0 0.3 -0.2 31.1 Provisions \u2014 0.6 \u2014 0.6 \u2014 0.6 \u2014 0.6 6.5 0.3 \u2014 6.8 Prepayments from customers 4.0 11.1 -7.6 7.5 2.7 7.3 -6.7 3.3 \u2014 6.8 -5.9 0.9 Total current liabilities 274.8 18.2 -7.6 285.4 257.4 14.8 -6.8 265.4 201.2 12.7 -7.5 206.4Total liabilities 1,383.1 19.3 -7.6 1,394.8 1,192.1 18.8 -6.8 1,204.1 1,099.0 19.0 -7.5 1,110.5TOTAL EQUITY AND LIABILITIES 3,456.0 31.0 -17.4 3,469.6 2,853.4 28.7 -12.0 2,870.1 2,597.0 25.2 -8.0 2,614.2Non-current asset additions during the year: Goodwill \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 1.8 \u2014 1.8 Other intangible assets 0.5 0.5 \u2014 1.0 0.6 \u2014 \u2014 0.6 0.6 1.2 \u2014 1.8 Land and buildings 5.6 \u2014 \u2014 5.6 4.4 \u2014 \u2014 4.4 0.3 1.1 \u2014 1.4 Vessels and capitalized dry-docking 798.5 \u2014 -5.8 792.7 520.4 \u2014 -4.0 516.4 84.7 \u2014 -7.5 77.2 Prepayments on vessels 111.5 \u2014 \u2014 111.5 86.0 \u2014 \u2014 86.0 43.1 \u2014 \u2014 43.1 Other non-current assets under construction \u2014 0.4 -0.2 0.2 \u2014 4.5 -0.3 4.2 \u2014 \u2014 \u2014 \u2014 Other plant and operating equipment 0.7 0.6 \u2014 1.3 1.1 0.2 \u2014 1.3 0.8 1.6 \u2014 2.4 Total non-current asset additions 916.8 1.5 -6.0 912.3 612.5 4.7 -4.3 612.9 129.5 5.7 -7.5 127.7The Company\u2019s non-current assets are based on domicile of the legal entity ownership in the following countries:USDm 2024 2023 2022UK 357.2 0.2 0.1 Denmark 1,604.2 1,746.6 1,607.7 Singapore 799.7 336.7 257.1 USA 76.0 79.8 \u2014 Other countries 9.7 10.6 4.5 Non-current assets 2,846.8 2,173.9 1,869.4 Accounting PoliciesThe segmentation is based on the Group\u2019s internal management and reporting structure. The Group has two operating segments, the Tanker segment, for which the services provided primarily comprise transportation of refined oil products such as gasoline, jet fuel, and naphtha, and the Marine Engineering segment for which the services provided primarily comprise developing and producing advanced and green marine equipment.Transactions between the segments are based on market-related prices and are eliminated at Group level.TORM considers the global product tanker market as a whole, and as the individual vessels are not limited to specific parts of the world, the Group has only one geographical segment for the Tanker segment. Further, the internal management reporting does not provide geographical information for either the Tanker segment or the Marine Engineering segment. Consequently, geographical segment information on revenue from external customers or non-current segment assets for the Tanker segment or the Marine Engineering segment are not provided.",
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"f1__s8__7__149": {
"value": "Accounting PoliciesThe segmentation is based on the Group\u2019s internal management and reporting structure. The Group has two operating segments, the Tanker segment, for which the services provided primarily comprise transportation of refined oil products such as gasoline, jet fuel, and naphtha, and the Marine Engineering segment for which the services provided primarily comprise developing and producing advanced and green marine equipment.Transactions between the segments are based on market-related prices and are eliminated at Group level.TORM considers the global product tanker market as a whole, and as the individual vessels are not limited to specific parts of the world, the Group has only one geographical segment for the Tanker segment. Further, the internal management reporting does not provide geographical information for either the Tanker segment or the Marine Engineering segment. Consequently, geographical segment information on revenue from external customers or non-current segment assets for the Tanker segment or the Marine Engineering segment are not provided.",
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"f1__s8__7__150-1": {
"value": "NOTE 4 \u2013 REVENUE FROM CONTRACTS WITH CUSTOMERSUSDm 2024 2023 2022Disaggregation of revenueTransportation of oil products and chemicals 1,544.0 1,491.4 1,440.4 Scrubbers and related services 9.1 21.7 1.2 Welding and mounting 4.9 5.3 1.1 Others 1.2 2.0 0.7 Total revenue 1,559.2 1,520.4 1,443.4 Tanker segment 1,544.0 1,491.4 1,440.4 Marine Engineering segment 29.6 48.0 5.9 Intersegment elimination -14.4 -19.0 -2.9 Total revenue 1,559.2 1,520.4 1,443.4 USDm 2024 2023 2022Customer contract balancesTrade receivables 183.9 211.0 259.5 Customer contract assets\u00b9\u207e 2.4 2.5 3.0 Customer contract liabilities\u00b2\u207e -7.5 -3.4 -0.9 Total 178.8 210.1 261.6 \u00b9\u207e Recognized in prepayments.\u00b2\u207e Recognized in prepayments from customers.Refer to Note 15 for further information on trade receivables. Customer contract assets primarily relate to prepaid voyage expenses until the cargo load date. During the year, USD 2.5m was recognized relating to customer contracts entered in 2023 (2023: USD 3.0m relating to 2022, 2022: USD 2.0m relating to 2021). Customer contract liabilities primarily relate to prepaid charter hire and prepayments received by customers in connection with scrubber installations. The change in customer contract liabilities during the year is primarily caused by change in prepayments received by customers in connection with scrubber installations of USD 2.8m.Accounting policiesRevenueIncome is recognized in the income statement when:\u2022 The income generating activities have been carried out on the basis of a binding agreement\u2022 The income can be measured reliably\u2022 It is probable that the economic benefits associated with the transaction will flow to the CompanyRevenue comprises freight, charter hire, and demurrage revenue from the vessels as well as Marine Engineering revenue. 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 that the Group expects to be entitled to. 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 the customer receives the benefit during the voyage as it is provided. Cross-over voyagesFor 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. The Company 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.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.Demurrage revenueFreight contracts contain conditions regarding the amount of time available for loading and discharging of the vessel. If these conditions are breached, TORM 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, the Company assesses the time spent in port, and a demurrage claim based on the relevant contractual conditions is submitted to the charterers. 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, 97% of the demurrage claim submitted is recognized as demurrage revenue upon initial recognition. For cross-over voyages, an estimate of incurred demurrage is recognized at the balance sheet date.The Company receives the demurrage payment upon reaching final agreement on the amount, which could be up to approximately 100 days after the original demurrage claim was submitted. Any adjustments to the final agreement are recognized as demurrage revenue.Marine Engineering revenueSome of the Group\u2019s contracts with customers relate to the sale of marine engineering equipment with installation services. Customers obtain control of the marine engineering equipment with installation services when the goods are delivered to the customer, they have completed commissioning and delivery has been accepted by the customers. When without installation services, customers obtain control of the marine engineering equipment when the goods are delivered to and have been accepted by the customers.Revenue is thus recognized upon the customers obtaining control. There is generally only one performance obligation related hereto. A warranty provision is recognized for expected repair costs related to warranty claims for sold marine engineering equipment within the standard warranty period of one year. These provisions are recognized when the equipment is sold and are based on historical experience. The warranty provision estimates are updated annually.NOTE 15 \u2013 TRADE RECEIVABLESUSDm 2024 2023 2022Analysis as of 31 December of trade receivables:Gross trade receivables:Not due 73.0 97.5 122.3 Due < 30 days 32.0 42.6 52.1 Due between 30 and 180 days 82.6 62.4 76.8 Due > 180 days 6.3 19.2 18.9 Total gross 193.9 221.7 270.1 Allowance for expected credit loss 10.0 10.7 10.6 Total net 183.9 211.0 259.5 The Management makes allowances for expected credit losses based on \u201cthe simplified approach\u201d according to IFRS 9 to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. As a result of improved collection efforts and decreased losses on trade receivables, the Management reassessed the accounting estimates included in the expected credit loss allowance matrix during 2024. The outcome of the reassessment resulted in an updated allowance matrix, reversing allowances of USD 5.9m in 2024.Expected credit loss for receivables overdue 180 days or less is 0%-3%, depending on the category of the receivable. Expected credit loss for receivables overdue more than 180 days is 10%-100%, depending on the category of the receivable. Expected credit loss for receivables overdue more than one year is 50%-100%, also depending on the category of the receivable. For all \u201clegal\u201d cases, allowances of 100% are made.Movements in provisions for impairment of trade receivables during the year are as follows:USDm 2024 2023 2022Allowance for expected credit lossBalance as of 01 January 10.7 10.6 4.7 Provisions for the year 5.8 3.3 6.5 Provisions reversed during the year -6.5 -3.2 -0.6 Balance as of 31 December 10.0 10.7 10.6 Allowance for expected credit loss of trade receivables has been recognized in the income statement under \u201cPort expenses, bunkers, commissions, and other costs of goods sold\u201d.Allowance for expected credit loss of trade receivables is calculated using an aging factor as well as specific customer knowledge and is based on a provision matrix on days past due.Accounting PoliciesReceivablesOutstanding trade receivables and other receivables which are expected to be realized within 12 months from the balance sheet date are classified as \u201cTrade receivables\u201d or \u201cOther receivables\u201d and presented as current assets.Receivables are, at initial recognition, measured at their transaction price less allowance for expected credit losses over the lifetime of the receivable and are subsequently measured at amortized cost adjusted for changes in expected credit losses. Derivative financial instruments included in other receivables are measured at fair value.Expected credit lossesExpected credit losses are, at initial recognition, determined using an ageing factor as well as a specific customer knowledge such as customers\u2019 ability to pay, considering historical information about payment patterns, credit risks, customer concentrations, customer creditworthiness as well as prevailing economic conditions. The estimates are updated subsequently, and if the debtor\u2019s ability to pay is becoming doubtful, expected credit losses are calculated on an individual basis. When there are no reasonable expectations of recovering the carrying amount, the receivable is written off in part or entirely.",
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"f1__s8__7__151": {
"value": "Accounting policiesRevenueIncome is recognized in the income statement when:\u2022 The income generating activities have been carried out on the basis of a binding agreement\u2022 The income can be measured reliably\u2022 It is probable that the economic benefits associated with the transaction will flow to the CompanyRevenue comprises freight, charter hire, and demurrage revenue from the vessels as well as Marine Engineering revenue. 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 that the Group expects to be entitled to. 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 the customer receives the benefit during the voyage as it is provided. Cross-over voyagesFor 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. The Company 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.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.Demurrage revenueFreight contracts contain conditions regarding the amount of time available for loading and discharging of the vessel. If these conditions are breached, TORM 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, the Company assesses the time spent in port, and a demurrage claim based on the relevant contractual conditions is submitted to the charterers. 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, 97% of the demurrage claim submitted is recognized as demurrage revenue upon initial recognition. For cross-over voyages, an estimate of incurred demurrage is recognized at the balance sheet date.The Company receives the demurrage payment upon reaching final agreement on the amount, which could be up to approximately 100 days after the original demurrage claim was submitted. Any adjustments to the final agreement are recognized as demurrage revenue.Marine Engineering revenueSome of the Group\u2019s contracts with customers relate to the sale of marine engineering equipment with installation services. Customers obtain control of the marine engineering equipment with installation services when the goods are delivered to the customer, they have completed commissioning and delivery has been accepted by the customers. When without installation services, customers obtain control of the marine engineering equipment when the goods are delivered to and have been accepted by the customers.Revenue is thus recognized upon the customers obtaining control. There is generally only one performance obligation related hereto. A warranty provision is recognized for expected repair costs related to warranty claims for sold marine engineering equipment within the standard warranty period of one year. These provisions are recognized when the equipment is sold and are based on historical experience. The warranty provision estimates are updated annually.",
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"f1__s8__7__154": {
"value": "NOTE 5 \u2013 STAFF COSTSEmployee InformationStaff costs included in operating expenses relate to the 109 seafarers employed under Danish contracts (2023: 105, 2022:100).The average number of employees is calculated as a full-time equivalent (FTE).The Executive Director is, in the event of termination by the Company, entitled to a severance payment of up to 12 months' salary.USDm 2024 2023 2022Total staff costsStaff costs included in operating expenses 9.6 8.6 7.7 Staff costs included in administrative expenses 77.3 69.3 42.0 Total 86.9 77.9 49.7 Staff costs comprise the followingWages and salaries 47.3 46.9 38.8 Share-based compensation 30.3 23.0 2.9 Pension costs 4.2 3.8 3.3 Other social security costs 0.4 1.4 1.5 Other staff costs 4.7 2.8 3.2 Total 86.9 77.9 49.7 Average number of permanent employeesSeafarers 109 105 100 Land-based 498 468 386 Total 607 573 486 At the end of 2024 TORM has a pool of 3,677 (2023: 3,271, 2022: 3,218) seafarers.The majority of seafarers on vessels are on short-term contracts. The average number of seafarers on board vessels on short-term contracts in 2024 was 1,721 (2023: 1,625, 2022: 1,565).Total seafarers\u2019 costs in 2024 were USD 141.4m (2023: USD 127.1m, 2022: USD 124.9m), which is included in \u201cOperating expenses\u201d of which USD 131.8m (2023: USD 118.5m, 2022: USD 117.2m) pertains to cost for seafarers on board vessels on short term contracts and USD 9.6m (2023: USD 8.6m, 2022: USD 7.7m) pertains to cost for seafarers employed under the Danish contract as indicated in the staff costs table above. USD '000 2024 2023 2022Non-Executive Board and Committee remuneration, short termChristopher H. Boehringer 212 214 210 David N. Weinstein 217 219 207 G\u00f6ran Trapp 163 164 155 Annette Malm Justad 163 164 155 Total 755 761 727 Executive ManagementAnnualTaxable performanceShare-based USD '000 Salarybenefitsbonuspayment TotalExecutive Management remunerationJacob Meldgaard2022, TORM A/S\u00b9\u207e 1,040 39 593 \u2014 1,672 2022, TORM plc\u00b9\u207e 72 \u2014 \u2014 439 511 2023, TORM A/S\u00b9\u207e 1,119 40 1,277 \u2014 2,436 2023, TORM plc\u00b9\u207e 77 \u2014 \u2014 4,383 4,460 2024, TORM A/S\u00b9\u207e 1,141 40 1,233 \u2014 2,414 2024, TORM plc\u00b9\u207e 76 \u2014 \u2014 5,530 5,606 \u00b9\u207e Paid by legal entity as noted.Senior Management TeamThe aggregated compensation expensed by the Group to the three (2023: three, 2022: three) other members of the Senior Management Team in 2024 (excluding CEO Jacob Meldgaard) was USD 9.5m (2023: USD 7.5m, 2022: USD 2.8m), which includes an aggregate of USD 0.1m (2023: USD 0.1m, 2022: USD 0.1m) allocated for pensions (defined contribution plans) and share-based payment of USD 7.5 m (2023: 6.0m, 2022: 0.7m) for these individuals. LTIP element of CEO Jacob Meldgaard's remuneration package 2024:Ordinary Ordinary Retention OrdinaryGrant Date 23-Mar-22 29-Mar-23 29-Mar-23 07-Mar-24RSU LTIP grant\u00b9\u207e 255,200 255,200 300,000 255,200Exercise price per share DKK 58.00 DKK 220.60 USD 0.01 DKK 258.40RSU grant value assuming 100% vesting USD 0.5m USD 2.5m USD 10.7m USD 1.9m\u00b9\u207e LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 9 dated 23 March 2022 , announcement no.9 dated 29 March 2023 and announcement no.9 dated 7 March 2024 , therefore there is no minimum or maximum for 2022, 2023 and 2024.TORM operates an equity-settled, share-based compensation plan. 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. Employment in TORM throughout the period is in most cases a prerequisite for upholding the full vesting rights in the RSU program. For voluntary leavers subject to the Danish Stock Options Act, the RSUs will vest in accordance with the vesting schedule, but for all other leavers, all unvested RSUs shall be immediately forfeited for no consideration. Options are granted under the plan for no consideration and carry no dividend or voting rights.In accordance with its Remuneration Policy, TORM has granted the CEO a number of Restricted Share Units (RSUs). There are no performance conditions associated with this grant of RSUs.Refer to Long-Term Incentive Program \u2013 restricted share units granted to the executive director on page 178 for further information. The original RSUs granted to the CEO in 2016 vested in equal installments over a five years period. Subsequent awards vest in equal installments over three years.Vested RSUs may be exercised for a period of 360 days from each vesting date. Details of the CEO\u2019s awards and interests in Restricted Share Units are set out on page 116.The single figure remuneration table for the CEO does not include any amounts in relation to the RSU awards as there are no performance conditions associated with this grant of RSUs. As detailed in announcement no. 9 issued on 23 March 2022, the CEO was granted a total of 255,200 RSUs which will vest in equal amounts over the next three years. The first amount could be exercised from 1 January 2023. The exercise price for each RSU is DKK 58.0, corresponding to the average price of TORM shares in the 90 calendar days preceding the publication of TORM plc\u2019s 2021 Annual Report plus a 15% premium. Vested RSUs may be exercised for a period of 360 days from each vesting date.As detailed in announcement no. 9 issued on 29 March 2023, the CEO was granted a total of 255,200 RSUs which will vest in equal amounts over the next three years. The first amount could be exercised from 01 January 2024. The exercise price for each RSU is DKK 220.6, corresponding to the average price of TORM shares in the 90 calendar days preceding the publication of TORM plc\u2019s 2022 Annual Report plus a 15% premium adjusted for the dividend payment related to TORM\u2019s fourth quarter 2022 results. Vested RSUs may be exercised for a period of 360 days from each vesting date. In addition to the RSUs granted above, the CEO is granted a total of 300,000 RSUs in the Additional Retention Program on similar terms as outlined above, with the exception that the strike price for these RSUs is set to one US cent and that all RSUs will vest on 01 March 2026. As detailed in announcement no. 9 issued on 07 March 2024, the CEO was granted a total of 255,200 RSUs which will vest in equal amounts over the next three years. The first amount could be exercised from 01 January 2025. The exercise price for each RSU is DKK 258.4 corresponding to the average price of TORM shares in the 90 calendar days preceding the publication of TORM plc\u2019s 2023 Annual Report plus a 15% premium. Vested RSUs may be exercised for a period of 360 days from each vesting date.Long-term employee benefit obligationsThe obligation comprises an obligation under the incentive programs to deliver Restricted Share Units in TORM plc at a determinable price to the entity's key personnel, including the CEO. The RSUs granted entitle the holder to acquire one TORM A-share.The program comprises the following number of shares in TORM plc:Number of shares (1,000) 2024 2023 2022Outstanding as of 01 January 4,417.7 2,424.0 2,372.9 Granted during the period\u00b9\u207e 1,506.4 3,136.6 1,393.0 Exercised during the period -1,345.4 -1,137.6 -1,078.0 Expired/forfeited during the period -122.1 -5.3 -263.9 Outstanding as of 31 December 4,456.6 4,417.7 2,424.0 Exercisable as of 31 December \u2014 \u2014 \u2014\u00b9\u207e Includes additional 36,259 RSUs granted in 2024 to adjust for the impact of dividends on the share price in accordance with the original terms of the grant. No modifications to the terms of the grant in the RSU program have occurred.In 2022, the Board of Directors agreed to grant a total of 1,137,770 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 58.0 The exercise period is 360 days from each vesting date. The fair value of the options granted in 2022 was determined using the Black-Scholes model and is not material. The average remaining contractual life for the restricted shares as of 31 December 2022 was 1.5 years, and as of 31 December 2024 was 0.0 years. In 2023, the Board of Directors agreed to grant a total of 1,248,153 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 220.6. The exercise period is 360 days from each vesting date. The fair value of the options granted in 2023 was determined using the Black-Scholes model and amounts to USD 10.8m. The average remaining contractual life for the restricted shares as of 31 December 2023 was 1.5 years, and as of 31 December 2024 was one year. In addition to the RSUs granted above, the other management is granted a total of 1,333,222 RSUs in the Additional Retention Program on similar terms as outlined above, with the exception that the strike price for these RSUs is set to one US cent and that all RSUs will vest on 01 March 2026. The fair value of the options in the Additional Retention Program granted in 2023 was determined using the Black-Scholes model and amounts to USD 40.4m.In 2024, the Board of Directors agreed to grant a total of 1,214,986 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 258.4. The exercise period is 360 days from each vesting date. The fair value of the options granted in 2024 was determined using the Black-Scholes model and amounts to USD 8.1m. The average remaining contractual life for the restricted shares as of 31 December 2024 is 1.5 years. Accounting PoliciesEmployee benefitsWages, salaries, social security contributions, holiday and sick leave, bonuses, and other monetary and non-monetary benefits are recognized in the year in which the employees render the associated services. Please also refer to the accounting policy for share-based payment.Pension plansThe Group has entered into defined contribution plans only. Pension costs related to defined contribution plans are recorded in the income statement in the year to which they relate.Share-based paymentsThe Group makes equity-settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares which will eventually vest. The fair value of the share schemes is calculated using the Black-Scholes model at the grant date.",
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"value": "NOTE 5 \u2013 STAFF COSTSEmployee InformationStaff costs included in operating expenses relate to the 109 seafarers employed under Danish contracts (2023: 105, 2022:100).The average number of employees is calculated as a full-time equivalent (FTE).The Executive Director is, in the event of termination by the Company, entitled to a severance payment of up to 12 months' salary.USDm 2024 2023 2022Total staff costsStaff costs included in operating expenses 9.6 8.6 7.7 Staff costs included in administrative expenses 77.3 69.3 42.0 Total 86.9 77.9 49.7 Staff costs comprise the followingWages and salaries 47.3 46.9 38.8 Share-based compensation 30.3 23.0 2.9 Pension costs 4.2 3.8 3.3 Other social security costs 0.4 1.4 1.5 Other staff costs 4.7 2.8 3.2 Total 86.9 77.9 49.7 Average number of permanent employeesSeafarers 109 105 100 Land-based 498 468 386 Total 607 573 486 At the end of 2024 TORM has a pool of 3,677 (2023: 3,271, 2022: 3,218) seafarers.The majority of seafarers on vessels are on short-term contracts. The average number of seafarers on board vessels on short-term contracts in 2024 was 1,721 (2023: 1,625, 2022: 1,565).Total seafarers\u2019 costs in 2024 were USD 141.4m (2023: USD 127.1m, 2022: USD 124.9m), which is included in \u201cOperating expenses\u201d of which USD 131.8m (2023: USD 118.5m, 2022: USD 117.2m) pertains to cost for seafarers on board vessels on short term contracts and USD 9.6m (2023: USD 8.6m, 2022: USD 7.7m) pertains to cost for seafarers employed under the Danish contract as indicated in the staff costs table above. USD '000 2024 2023 2022Non-Executive Board and Committee remuneration, short termChristopher H. Boehringer 212 214 210 David N. Weinstein 217 219 207 G\u00f6ran Trapp 163 164 155 Annette Malm Justad 163 164 155 Total 755 761 727 Executive ManagementAnnualTaxable performanceShare-based USD '000 Salarybenefitsbonuspayment TotalExecutive Management remunerationJacob Meldgaard2022, TORM A/S\u00b9\u207e 1,040 39 593 \u2014 1,672 2022, TORM plc\u00b9\u207e 72 \u2014 \u2014 439 511 2023, TORM A/S\u00b9\u207e 1,119 40 1,277 \u2014 2,436 2023, TORM plc\u00b9\u207e 77 \u2014 \u2014 4,383 4,460 2024, TORM A/S\u00b9\u207e 1,141 40 1,233 \u2014 2,414 2024, TORM plc\u00b9\u207e 76 \u2014 \u2014 5,530 5,606 \u00b9\u207e Paid by legal entity as noted.Senior Management TeamThe aggregated compensation expensed by the Group to the three (2023: three, 2022: three) other members of the Senior Management Team in 2024 (excluding CEO Jacob Meldgaard) was USD 9.5m (2023: USD 7.5m, 2022: USD 2.8m), which includes an aggregate of USD 0.1m (2023: USD 0.1m, 2022: USD 0.1m) allocated for pensions (defined contribution plans) and share-based payment of USD 7.5 m (2023: 6.0m, 2022: 0.7m) for these individuals. LTIP element of CEO Jacob Meldgaard's remuneration package 2024:Ordinary Ordinary Retention OrdinaryGrant Date 23-Mar-22 29-Mar-23 29-Mar-23 07-Mar-24RSU LTIP grant\u00b9\u207e 255,200 255,200 300,000 255,200Exercise price per share DKK 58.00 DKK 220.60 USD 0.01 DKK 258.40RSU grant value assuming 100% vesting USD 0.5m USD 2.5m USD 10.7m USD 1.9m\u00b9\u207e LTIP award is fixed by the Board of Directors and was communicated via company announcement no. 9 dated 23 March 2022 , announcement no.9 dated 29 March 2023 and announcement no.9 dated 7 March 2024 , therefore there is no minimum or maximum for 2022, 2023 and 2024.TORM operates an equity-settled, share-based compensation plan. 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. Employment in TORM throughout the period is in most cases a prerequisite for upholding the full vesting rights in the RSU program. For voluntary leavers subject to the Danish Stock Options Act, the RSUs will vest in accordance with the vesting schedule, but for all other leavers, all unvested RSUs shall be immediately forfeited for no consideration. Options are granted under the plan for no consideration and carry no dividend or voting rights.In accordance with its Remuneration Policy, TORM has granted the CEO a number of Restricted Share Units (RSUs). There are no performance conditions associated with this grant of RSUs.Refer to Long-Term Incentive Program \u2013 restricted share units granted to the executive director on page 178 for further information. The original RSUs granted to the CEO in 2016 vested in equal installments over a five years period. Subsequent awards vest in equal installments over three years.Vested RSUs may be exercised for a period of 360 days from each vesting date. Details of the CEO\u2019s awards and interests in Restricted Share Units are set out on page 116.The single figure remuneration table for the CEO does not include any amounts in relation to the RSU awards as there are no performance conditions associated with this grant of RSUs. As detailed in announcement no. 9 issued on 23 March 2022, the CEO was granted a total of 255,200 RSUs which will vest in equal amounts over the next three years. The first amount could be exercised from 1 January 2023. The exercise price for each RSU is DKK 58.0, corresponding to the average price of TORM shares in the 90 calendar days preceding the publication of TORM plc\u2019s 2021 Annual Report plus a 15% premium. Vested RSUs may be exercised for a period of 360 days from each vesting date.As detailed in announcement no. 9 issued on 29 March 2023, the CEO was granted a total of 255,200 RSUs which will vest in equal amounts over the next three years. The first amount could be exercised from 01 January 2024. The exercise price for each RSU is DKK 220.6, corresponding to the average price of TORM shares in the 90 calendar days preceding the publication of TORM plc\u2019s 2022 Annual Report plus a 15% premium adjusted for the dividend payment related to TORM\u2019s fourth quarter 2022 results. Vested RSUs may be exercised for a period of 360 days from each vesting date. In addition to the RSUs granted above, the CEO is granted a total of 300,000 RSUs in the Additional Retention Program on similar terms as outlined above, with the exception that the strike price for these RSUs is set to one US cent and that all RSUs will vest on 01 March 2026. As detailed in announcement no. 9 issued on 07 March 2024, the CEO was granted a total of 255,200 RSUs which will vest in equal amounts over the next three years. The first amount could be exercised from 01 January 2025. The exercise price for each RSU is DKK 258.4 corresponding to the average price of TORM shares in the 90 calendar days preceding the publication of TORM plc\u2019s 2023 Annual Report plus a 15% premium. Vested RSUs may be exercised for a period of 360 days from each vesting date.Long-term employee benefit obligationsThe obligation comprises an obligation under the incentive programs to deliver Restricted Share Units in TORM plc at a determinable price to the entity's key personnel, including the CEO. The RSUs granted entitle the holder to acquire one TORM A-share.The program comprises the following number of shares in TORM plc:Number of shares (1,000) 2024 2023 2022Outstanding as of 01 January 4,417.7 2,424.0 2,372.9 Granted during the period\u00b9\u207e 1,506.4 3,136.6 1,393.0 Exercised during the period -1,345.4 -1,137.6 -1,078.0 Expired/forfeited during the period -122.1 -5.3 -263.9 Outstanding as of 31 December 4,456.6 4,417.7 2,424.0 Exercisable as of 31 December \u2014 \u2014 \u2014\u00b9\u207e Includes additional 36,259 RSUs granted in 2024 to adjust for the impact of dividends on the share price in accordance with the original terms of the grant. No modifications to the terms of the grant in the RSU program have occurred.In 2022, the Board of Directors agreed to grant a total of 1,137,770 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 58.0 The exercise period is 360 days from each vesting date. The fair value of the options granted in 2022 was determined using the Black-Scholes model and is not material. The average remaining contractual life for the restricted shares as of 31 December 2022 was 1.5 years, and as of 31 December 2024 was 0.0 years. In 2023, the Board of Directors agreed to grant a total of 1,248,153 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 220.6. The exercise period is 360 days from each vesting date. The fair value of the options granted in 2023 was determined using the Black-Scholes model and amounts to USD 10.8m. The average remaining contractual life for the restricted shares as of 31 December 2023 was 1.5 years, and as of 31 December 2024 was one year. In addition to the RSUs granted above, the other management is granted a total of 1,333,222 RSUs in the Additional Retention Program on similar terms as outlined above, with the exception that the strike price for these RSUs is set to one US cent and that all RSUs will vest on 01 March 2026. The fair value of the options in the Additional Retention Program granted in 2023 was determined using the Black-Scholes model and amounts to USD 40.4m.In 2024, the Board of Directors agreed to grant a total of 1,214,986 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 258.4. The exercise period is 360 days from each vesting date. The fair value of the options granted in 2024 was determined using the Black-Scholes model and amounts to USD 8.1m. The average remaining contractual life for the restricted shares as of 31 December 2024 is 1.5 years. Accounting PoliciesEmployee benefitsWages, salaries, social security contributions, holiday and sick leave, bonuses, and other monetary and non-monetary benefits are recognized in the year in which the employees render the associated services. Please also refer to the accounting policy for share-based payment.Pension plansThe Group has entered into defined contribution plans only. Pension costs related to defined contribution plans are recorded in the income statement in the year to which they relate.Share-based paymentsThe Group makes equity-settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares which will eventually vest. The fair value of the share schemes is calculated using the Black-Scholes model at the grant date.",
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"f1__s8__7__157": {
"value": "Long-term employee benefit obligationsThe obligation comprises an obligation under the incentive programs to deliver Restricted Share Units in TORM plc at a determinable price to the entity's key personnel, including the CEO. The RSUs granted entitle the holder to acquire one TORM A-share.The program comprises the following number of shares in TORM plc:Number of shares (1,000) 2024 2023 2022Outstanding as of 01 January 4,417.7 2,424.0 2,372.9 Granted during the period\u00b9\u207e 1,506.4 3,136.6 1,393.0 Exercised during the period -1,345.4 -1,137.6 -1,078.0 Expired/forfeited during the period -122.1 -5.3 -263.9 Outstanding as of 31 December 4,456.6 4,417.7 2,424.0 Exercisable as of 31 December \u2014 \u2014 \u2014\u00b9\u207e Includes additional 36,259 RSUs granted in 2024 to adjust for the impact of dividends on the share price in accordance with the original terms of the grant. No modifications to the terms of the grant in the RSU program have occurred.In 2022, the Board of Directors agreed to grant a total of 1,137,770 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 58.0 The exercise period is 360 days from each vesting date. The fair value of the options granted in 2022 was determined using the Black-Scholes model and is not material. The average remaining contractual life for the restricted shares as of 31 December 2022 was 1.5 years, and as of 31 December 2024 was 0.0 years. In 2023, the Board of Directors agreed to grant a total of 1,248,153 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 220.6. The exercise period is 360 days from each vesting date. The fair value of the options granted in 2023 was determined using the Black-Scholes model and amounts to USD 10.8m. The average remaining contractual life for the restricted shares as of 31 December 2023 was 1.5 years, and as of 31 December 2024 was one year. In addition to the RSUs granted above, the other management is granted a total of 1,333,222 RSUs in the Additional Retention Program on similar terms as outlined above, with the exception that the strike price for these RSUs is set to one US cent and that all RSUs will vest on 01 March 2026. The fair value of the options in the Additional Retention Program granted in 2023 was determined using the Black-Scholes model and amounts to USD 40.4m.In 2024, the Board of Directors agreed to grant a total of 1,214,986 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set at DKK 258.4. The exercise period is 360 days from each vesting date. The fair value of the options granted in 2024 was determined using the Black-Scholes model and amounts to USD 8.1m. The average remaining contractual life for the restricted shares as of 31 December 2024 is 1.5 years.",
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"value": "Accounting PoliciesEmployee benefitsWages, salaries, social security contributions, holiday and sick leave, bonuses, and other monetary and non-monetary benefits are recognized in the year in which the employees render the associated services. Please also refer to the accounting policy for share-based payment.Pension plansThe Group has entered into defined contribution plans only. Pension costs related to defined contribution plans are recorded in the income statement in the year to which they relate.Share-based paymentsThe Group makes equity-settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares which will eventually vest. The fair value of the share schemes is calculated using the Black-Scholes model at the grant date.",
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"f1__s8__7__160": {
"value": "Share-based paymentsThe Group makes equity-settled share-based payments to certain employees, which are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares which will eventually vest. The fair value of the share schemes is calculated using the Black-Scholes model at the grant date.",
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"value": "NOTE 6 \u2013 REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY\u2019S ANNUAL GENERAL MEETINGThe remuneration of the auditor is required to be presented as follows:USDm 2024 2023 2022Audit feesFees payable to the Company's auditor for the audit of the Company's annual accounts 1.2 1.2 0.9 Audit of the Company's subsidiaries pursuant to legislation 0.1 0.1 0.1 Total audit fees 1.3 1.3 1.0 Non-audit feesAudit-related services 0.5 0.1 0.2 Others 0.5 0.1 0.2 Total non-audit fees 1.0 0.2 0.4 Total 2.3 1.5 1.4 Under SEC regulations, the remuneration of the auditor of USD 2.3m (2023: USD 1.5m, 2022: USD 1.4m) is required to be presented as follows: Audit fees USD 1.8m (2023: USD 1.4m, 2022: USD 1.2m), audit-related fees USD 0.5m (2023: USD 0.1m, 2022: USD 0.2m), tax fees USD 0.0m (2023: USD 0.0m, 2022: USD 0.0m), and all other fees USD 0.0m (2023: USD 0.0m, 2022: USD 0.0m.).TORM's Audit Committee pre-approves all audit, audit-related and non-audit services not prohibited by law to be performed by our independent auditors and associated fees prior to the engagement of the independent auditor with respect to such services.",
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"f1__s8__7__165": {
"value": "NOTE 7 \u2013 FINANCIAL ITEMSUSDm 2024 2023 2022Financial incomeInterest income from cash and cash equivalents, including restricted cash \u00b9\u207e 24.5 14.2 4.0 Other financial income 0.3 0.1 \u2014 Total 24.8 14.3 4.0Financial expensesInterest expenses on borrowings \u00b9\u207e 69.7 55.6 48.5 Financial expenses arising from lease liabilities regarding right-of-use assets 0.6 0.5 0.2 Exchange rate adjustments, including loss from forward exchange rate contracts 0.7 0.4 0.5 Commitment fee 1.9 1.3 0.6 Amortization of interest rate swaps 1.7 2.2 2.4 Ineffectiveness on interest rate swaps -1.5 -2.4 -3.6 Other financial expenses 1.0 3.3 0.2 Total 74.1 60.9 48.8 Total financial items -49.3 -46.6 -44.8 \u00b9\u207e Interest for financial assets and liabilities not at fair value through profit and loss.Accounting PoliciesFinancial incomeFinancial income comprises interest income, 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. Interest is recognized in accordance with the accrual basis of accounting considering 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.Financial expensesFinancial expenses comprise interest expenses, financing costs of leases 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 payments under interest rate hedge instruments. Interest is recognized in accordance with the accrual basis of accounting considering the effective interest rate.",
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"entity": "scheme:213800VL1H1ABVM1ZF63",
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"value": "USDm 2024 2023 2022Financial incomeInterest income from cash and cash equivalents, including restricted cash \u00b9\u207e 24.5 14.2 4.0 Other financial income 0.3 0.1 \u2014 Total 24.8 14.3 4.0Accounting PoliciesFinancial incomeFinancial income comprises interest income, 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. Interest is recognized in accordance with the accrual basis of accounting considering 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.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__167-1": {
"value": "Financial expensesInterest expenses on borrowings \u00b9\u207e 69.7 55.6 48.5 Financial expenses arising from lease liabilities regarding right-of-use assets 0.6 0.5 0.2 Exchange rate adjustments, including loss from forward exchange rate contracts 0.7 0.4 0.5 Commitment fee 1.9 1.3 0.6 Amortization of interest rate swaps 1.7 2.2 2.4 Ineffectiveness on interest rate swaps -1.5 -2.4 -3.6 Other financial expenses 1.0 3.3 0.2 Total 74.1 60.9 48.8 Total financial items -49.3 -46.6 -44.8 \u00b9\u207e Interest for financial assets and liabilities not at fair value through profit and loss.Financial expensesFinancial expenses comprise interest expenses, financing costs of leases 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 payments under interest rate hedge instruments. Interest is recognized in accordance with the accrual basis of accounting considering the effective interest rate.",
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"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__171": {
"value": "Accounting PoliciesFinancial incomeFinancial income comprises interest income, 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. Interest is recognized in accordance with the accrual basis of accounting considering 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.Financial expensesFinancial expenses comprise interest expenses, financing costs of leases 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 payments under interest rate hedge instruments. Interest is recognized in accordance with the accrual basis of accounting considering the effective interest rate.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__7__172": {
"value": "Financial expensesFinancial expenses comprise interest expenses, financing costs of leases 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 payments under interest rate hedge instruments. Interest is recognized in accordance with the accrual basis of accounting considering the effective interest rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__173": {
"value": "NOTE 8 \u2013 TAXUSDm 2024 2023 2022Tax on profit for the yearCurrent tax for the year 1.0 0.6 0.5 Adjustments related to previous years -1.0 \u2014 -0.1 Adjustment of deferred tax -3.3 2.2 -7.3 Income tax charge for the year -3.3 2.8 -6.9 Tonnage tax charge for the year 1.3 1.2 1.0 Total -2.0 4.0 -5.9 Adjustment of deferred tax of USD -3.3 m for the year ended 31 December 2024 primarily consists of the recognition of deferred tax assets for unused tax credits for charges subject to the corporate interest restriction and for carried forward losses. The majority of the Group's taxable income is located in Denmark, and therefore the majority of the tax base is subject to Danish tax legislation. As such, the Group has elected to participate in the Danish tonnage tax scheme; the participation is binding until 31 December 2034. The Group expects to participate in the tonnage tax scheme after the binding period and, as a minimum, to maintain an investment and activity level equivalent to that at the time of entering the tonnage tax scheme.Under the different tonnage tax schemes that TORM is subject to, income and expenses from shipping activities are not subject to direct taxation, and accordingly, an effective rate reconciliation has not been provided, as it would not provide any meaningful information. Instead, the taxable income is calculated from:\u2022 The net tonnage of the vessels used to generate the income from shipping activities\u2022 A rate applicable to the specific net tonnage of the vessels based on a sliding scaleCorporate income tax is primarily levied on the Group\u2019s non-vessel-related activities. The effective tax rate of the Group is 0.3% (2023: 1.0%, 2022 -1.0%). Net deferred tax liability in relation to activities outside the tonnage tax regime amounts to USD 6.2m.USDm 2024 2023 2022Deferred tax assetsDeferred tax assets related to Corporate Interest Restriction 1.7 0.5 3.4 Deferred tax assets related to trading losses 6.9 5.1 4.6 Other temporary differences 0.4 \u2014 \u2014 Deferred tax assets before offset 9.0 5.6 8.0 Offset against deferred tax liabilities from Corporate Interest Restriction \u2014 -0.5 -3.4 Offset against deferred tax liabilities from trading losses \u2014 -4.7 -4.0 Offset from tax liabilities -5.9 \u2014 \u2014 Deferred tax assets, net as of 31 December 3.1 0.4 0.6 Deferred tax liabilitiesDeferred tax liabilities arising from changes in equity 5.9 8.5 13.2 Other temporary differences 0.3 0.3 0.3 Deferred tax liabilities before offset 6.2 8.8 13.5 Offset against tax liabilities arising from changes in equity -5.9 \u2014 \u2014 Offset from tax assets \u2014 -5.2 -7.4 Deferred tax liabilities in the balance sheet 0.3 3.6 6.1 Deferred tax assets and liabilities are offset and reported net where appropriate within territories.Deferred tax at the balance sheet date have been measured using the appropriate enacted tax rates and are reflected in these financial statements and all deferred tax movements arise from the origination and reversal of temporary differences.Deferred tax assets are recognized to the extent that the realization of the relaxed tax benefit through future taxable profits is probable.As per 31 December 2024, there are unused tax credits of USD 2.2m (2023: USD 2.2m, 2022 2.2m) relating to prior year losses, as the utilization of these losses may not be used to offset taxable profit due to a high degree of uncertainty of future taxable profits. The deferred tax liability is derived from temporary differences between the accounting and tax values of derivative financial instruments of USD 5.9m (2023: USD 8.5m, 2022: USD 13.2m) and intangible assets of USD 0.0m (2023: USD 0.0m, 2022: 0.3m).USDm 2024 2023 2022Non-current tax liability related to held-over gainsBalance as of 31 December -45.2 -45.2 -45.2 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 which 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.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. The Management considers this to be a remote scenario.The Group operates in a wide variety of jurisdictions, in some of which the tax law is subject to varying interpretations and potentially inconsistent enforcement. As a result, there can be practical uncertainties in applying tax legislation to the Group's activities. Whilst the Group considers that it operates in accordance with applicable tax law, there are potential tax exposures in respect of its operations, the impact of which cannot be reliably estimated but could be material.Accounting Policies Pillar Two Tax EffectsPillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. Under the legislation, the parent company will be required to pay, in UK, top-up tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15%. The main jurisdictions in which exposures to this tax may exist include Denmark, Singapore and the US. As the majority of these companies\u2019 revenue consist of international shipping income, it is assessed that this income will be excluded from the GloBE income with reference to the shipping carveout described in Article 3.3.TORM has applied the exception in IAS 12 'Income Taxes' to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Based on our fiscal year for 2024, the Group has prepared a preliminary Transitional Country-by-Country Reporting (CbCR) Safe Harbour assessment concluding that we expect to be eligible for the Transitional CbCR Safe Harbour in a majority of jurisdictions in which we are present. As of December 31, 2024, the calculated top-up tax does not have a material impact on our financial result. TaxTax expenses comprise the expected income tax charge for the year in accordance with IAS 12 as well as tonnage tax related to the Group\u2019s vessels for the year. The income tax charge for the year includes adjustments relating to previous years and the change in deferred tax for the year. However, income tax relating to items in other comprehensive income is recognized directly in the statement of other comprehensive income.Deferred taxDeferred 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 income tax purposes. Deferred tax is calculated at the income tax rates which are expected to apply in the period when the liability is settled or the asset is realized, based on the laws which have been enacted or substantially enacted at the balance sheet date. The deferred tax is charged through the income statement except when it relates to other comprehensive income items. No deferred tax is recognized related to assets and liabilities, including vessels which are subject to tonnage tax.Income tax balancesThe expected income tax payable on the taxable profits for the year is classified as current tax in the balance sheet. Income taxes expected to fall due after more than one year are classified as non-current liabilities or assets in the balance sheet. 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__174-1": {
"value": "USDm 2024 2023 2022Deferred tax assetsDeferred tax assets related to Corporate Interest Restriction 1.7 0.5 3.4 Deferred tax assets related to trading losses 6.9 5.1 4.6 Other temporary differences 0.4 \u2014 \u2014 Deferred tax assets before offset 9.0 5.6 8.0 Offset against deferred tax liabilities from Corporate Interest Restriction \u2014 -0.5 -3.4 Offset against deferred tax liabilities from trading losses \u2014 -4.7 -4.0 Offset from tax liabilities -5.9 \u2014 \u2014 Deferred tax assets, net as of 31 December 3.1 0.4 0.6 Deferred tax liabilitiesDeferred tax liabilities arising from changes in equity 5.9 8.5 13.2 Other temporary differences 0.3 0.3 0.3 Deferred tax liabilities before offset 6.2 8.8 13.5 Offset against tax liabilities arising from changes in equity -5.9 \u2014 \u2014 Offset from tax assets \u2014 -5.2 -7.4 Deferred tax liabilities in the balance sheet 0.3 3.6 6.1 Deferred tax assets and liabilities are offset and reported net where appropriate within territories.Deferred tax at the balance sheet date have been measured using the appropriate enacted tax rates and are reflected in these financial statements and all deferred tax movements arise from the origination and reversal of temporary differences.Deferred tax assets are recognized to the extent that the realization of the relaxed tax benefit through future taxable profits is probable.As per 31 December 2024, there are unused tax credits of USD 2.2m (2023: USD 2.2m, 2022 2.2m) relating to prior year losses, as the utilization of these losses may not be used to offset taxable profit due to a high degree of uncertainty of future taxable profits. The deferred tax liability is derived from temporary differences between the accounting and tax values of derivative financial instruments of USD 5.9m (2023: USD 8.5m, 2022: USD 13.2m) and intangible assets of USD 0.0m (2023: USD 0.0m, 2022: 0.3m).Deferred taxDeferred 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 income tax purposes. Deferred tax is calculated at the income tax rates which are expected to apply in the period when the liability is settled or the asset is realized, based on the laws which have been enacted or substantially enacted at the balance sheet date. The deferred tax is charged through the income statement except when it relates to other comprehensive income items. No deferred tax is recognized related to assets and liabilities, including vessels which are subject to tonnage tax.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__175": {
"value": "Accounting Policies Pillar Two Tax EffectsPillar Two legislation has been enacted or substantively enacted in certain jurisdictions in which the Group operates. Under the legislation, the parent company will be required to pay, in UK, top-up tax on profits of its subsidiaries that are taxed at an effective tax rate of less than 15%. The main jurisdictions in which exposures to this tax may exist include Denmark, Singapore and the US. As the majority of these companies\u2019 revenue consist of international shipping income, it is assessed that this income will be excluded from the GloBE income with reference to the shipping carveout described in Article 3.3.TORM has applied the exception in IAS 12 'Income Taxes' to recognizing and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes. Based on our fiscal year for 2024, the Group has prepared a preliminary Transitional Country-by-Country Reporting (CbCR) Safe Harbour assessment concluding that we expect to be eligible for the Transitional CbCR Safe Harbour in a majority of jurisdictions in which we are present. As of December 31, 2024, the calculated top-up tax does not have a material impact on our financial result. TaxTax expenses comprise the expected income tax charge for the year in accordance with IAS 12 as well as tonnage tax related to the Group\u2019s vessels for the year. The income tax charge for the year includes adjustments relating to previous years and the change in deferred tax for the year. However, income tax relating to items in other comprehensive income is recognized directly in the statement of other comprehensive income.Deferred taxDeferred 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 income tax purposes. Deferred tax is calculated at the income tax rates which are expected to apply in the period when the liability is settled or the asset is realized, based on the laws which have been enacted or substantially enacted at the balance sheet date. The deferred tax is charged through the income statement except when it relates to other comprehensive income items. No deferred tax is recognized related to assets and liabilities, including vessels which are subject to tonnage tax.Income tax balancesThe expected income tax payable on the taxable profits for the year is classified as current tax in the balance sheet. Income taxes expected to fall due after more than one year are classified as non-current liabilities or assets in the balance sheet. 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__176": {
"value": "Deferred taxDeferred 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 income tax purposes. Deferred tax is calculated at the income tax rates which are expected to apply in the period when the liability is settled or the asset is realized, based on the laws which have been enacted or substantially enacted at the balance sheet date. The deferred tax is charged through the income statement except when it relates to other comprehensive income items. No deferred tax is recognized related to assets and liabilities, including vessels which are subject to tonnage tax.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__7__180": {
"value": "NOTE 9 \u2013 INTANGIBLE ASSETSUSDm 2024 2023 2022GOODWILLCost:Balance as of 01 January 13.2 13.2 11.4 Exchange rate adjustments -0.1 \u2014 \u2014 Additions from business combinations \u2014 \u2014 1.8 Balance as of 31 December 13.1 13.2 13.2 Impairment: Balance as of 01 January 11.4 11.4 11.4 Balance as of 31 December 11.4 11.4 11.4 Carrying amount 1.7 1.8 1.8 The opening balance in 2022 on goodwill cost and impairment relates to the reverse acquisition of TORM A/S in 2015, which was impaired in 2016. The goodwill addition in 2022 of USD 1.8m relates to the acquisition of Marine Exhaust Technology A/S, which is allocated to the Marine Engineering cash-generating unit. Please refer to note 34 for further reference on acquisition and note 12 for further reference on impairment testing.USDm 2024 2023 2022OTHER INTANGIBLE ASSETSCost: Balance as of 01 January 2.8 2.3 \u2014 Exchange rate adjustments \u2014 \u2014 0.2 Additions 1.1 0.5 0.6 Additions from business combinations \u2014 \u2014 1.2 Transfer from other items \u2014 \u2014 0.3 Balance as of 31 December 3.9 2.8 2.3 Amortization: Balance as of 01 January 1.0 0.4 \u2014 Amortization for the year 0.9 0.6 0.3 Transfer from other items \u2014 \u2014 0.1 Balance as of 31 December 1.9 1.0 0.4 Carrying amount 2.0 1.8 1.9Accounting PoliciesGoodwillGoodwill is measured as the excess of the cost of the business combination over the fair value of the acquired assets, liabilities, and contingent liabilities and is recognized as an asset under intangible assets. For each business combination, TORM elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. Goodwill is not amortized as it is considered to have an indefinite useful life, but the recoverable amount of goodwill is assessed annually. For impairment testing purposes, goodwill is on initial recognition allocated to the cash generating unit expected to benefit from the synergies of the combination. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is first allocated to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss for goodwill is not reversed in a subsequent period.Other Intangible AssetsOther intangible assets consist of software as well as scrubber test facility development costs and customer list acquired in connection with the Marine Exhaust Technology A/S acquisition. Other intangible assets are measured at cost less accumulated amortization and impairment losses. Other intangible assets are considered as having finite useful lives and are amortized on a straight-line basis over: \u2022 Software: 3 years \u2022 Scrubber test facility: 2 years \u2022 Customer list: 7 years",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__178-1": {
"value": "NOTE 9 \u2013 INTANGIBLE ASSETSUSDm 2024 2023 2022GOODWILLCost:Balance as of 01 January 13.2 13.2 11.4 Exchange rate adjustments -0.1 \u2014 \u2014 Additions from business combinations \u2014 \u2014 1.8 Balance as of 31 December 13.1 13.2 13.2 Impairment: Balance as of 01 January 11.4 11.4 11.4 Balance as of 31 December 11.4 11.4 11.4 Carrying amount 1.7 1.8 1.8 The opening balance in 2022 on goodwill cost and impairment relates to the reverse acquisition of TORM A/S in 2015, which was impaired in 2016. The goodwill addition in 2022 of USD 1.8m relates to the acquisition of Marine Exhaust Technology A/S, which is allocated to the Marine Engineering cash-generating unit. Please refer to note 34 for further reference on acquisition and note 12 for further reference on impairment testing.USDm 2024 2023 2022OTHER INTANGIBLE ASSETSCost: Balance as of 01 January 2.8 2.3 \u2014 Exchange rate adjustments \u2014 \u2014 0.2 Additions 1.1 0.5 0.6 Additions from business combinations \u2014 \u2014 1.2 Transfer from other items \u2014 \u2014 0.3 Balance as of 31 December 3.9 2.8 2.3 Amortization: Balance as of 01 January 1.0 0.4 \u2014 Amortization for the year 0.9 0.6 0.3 Transfer from other items \u2014 \u2014 0.1 Balance as of 31 December 1.9 1.0 0.4 Carrying amount 2.0 1.8 1.9Accounting PoliciesGoodwillGoodwill is measured as the excess of the cost of the business combination over the fair value of the acquired assets, liabilities, and contingent liabilities and is recognized as an asset under intangible assets. For each business combination, TORM elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. Goodwill is not amortized as it is considered to have an indefinite useful life, but the recoverable amount of goodwill is assessed annually. For impairment testing purposes, goodwill is on initial recognition allocated to the cash generating unit expected to benefit from the synergies of the combination. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is first allocated to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss for goodwill is not reversed in a subsequent period.Other Intangible AssetsOther intangible assets consist of software as well as scrubber test facility development costs and customer list acquired in connection with the Marine Exhaust Technology A/S acquisition. Other intangible assets are measured at cost less accumulated amortization and impairment losses. Other intangible assets are considered as having finite useful lives and are amortized on a straight-line basis over: \u2022 Software: 3 years \u2022 Scrubber test facility: 2 years \u2022 Customer list: 7 yearsNOTE 10 \u2013 TANGIBLE FIXED ASSETSUSDm 2024 2023 2022LAND AND BUILDINGS Cost: Balance as of 01 January 14.6 12.0 10.9 Exchange rate adjustment -0.2 -0.2 -0.3 Additions 5.6 4.4 0.3 Additions from business combinations \u2014 \u2014 1.1 Disposals -2.4 -1.6 \u2014 Balance as of 31 December 17.6 14.6 12.0 Depreciation: Balance as of 01 January 9.1 8.2 6.1 Exchange rate adjustment 0.2 \u2014 -0.2 Disposals -2.3 -1.6 \u2014 Depreciation for the year 2.5 2.5 2.3 Balance as of 31 December 9.5 9.1 8.2 Carrying amount as of 31 December 8.1 5.5 3.8 USDm 2024 2023 2022VESSELS AND CAPITALIZED DRY-DOCKINGCost:Balance as of 01 January 2,622.1 2,421.2 2,443.3 Additions 792.7 476.0 77.2 Disposals -20.7 -31.9 -14.2 Transferred from prepayments 197.5 40.6 55.1 Transferred to assets held for sale -90.7 -283.8 -140.2 Balance as of 31 December 3,500.9 2,622.1 2,421.2 Depreciation:Balance as of 01 January 536.3 543.8 475.0 Disposals -20.7 -31.9 -14.2 Depreciation for the year 186.7 143.7 133.7 Transferred to assets held for sale -41.7 -119.3 -50.7 Balance as of 31 December 660.6 536.3 543.8 Impairment:Balance as of 01 January 15.6 21.5 30.5 Impairment losses on tangible fixed assets\u00b9\u207e \u2014 \u2014 2.7 Transferred to assets held for sale -2.0 -5.9 -11.7 Balance as of 31 December 13.6 15.6 21.5 Carrying amount as of 31 December 2,826.7 2,070.2 1,855.9 \u00b9\u207e For additional information regarding impairment considerations, please refer to Note 12Included in the carrying amount for \u201cVessels and capitalized dry-docking\u201d are capitalized dry-docking costs in the amount of USD 108.2m (2023: USD 75.1m, 2022: USD 50.1m).Included in the carrying amount for \u201cVessels and capitalized dry-docking\u201d are vessels on time charter leases (as lessor) in the amount of USD 395.5m (2023: 169.8m, 2022: 13.7m). Please refer to Note 23 for expected redelivery of the vessels. In 2024 TORM took delivery of 19 (2023: 5, 2022: 0) vessels in connection with partly share-based transactions for a total purchase price of USD 864.5m (2023: USD 173.0m, 2022: 0.0m), of which USD 86.0m was paid in 2023. The fair value of the vessels is based on the market approach which considers the valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels. The shipbrokers\u2019 primary input is deadweight tonnage, yard, and age of the vessel. The fair value assumes that the vessels are in good and seaworthy condition and with prompt, charter-free delivery.USDm 2024 2023 2022PREPAYMENTS ON VESSELSCost:Balance as of 01 January 86.0 \u2014 12.0 Additions 111.5 126.6 43.1 Transferred to vessels -197.5 -40.6 -55.1 Balance as of 31 December \u2014 86.0 \u2014 Carrying amount as of 31 December \u2014 86.0 \u2014 USDm 2024 2023 2022OTHER PLANT AND OPERATING EQUIPMENTCost:Balance as of 01 January 11.2 10.5 9.3 Exchange rate adjustment -0.1 \u2014 -0.2 Additions 1.3 1.3 0.8 Additions from business combinations \u2014 \u2014 1.6 Disposals -6.5 -0.6 -0.7 Transfers \u2014 \u2014 -0.3 Balance as of 31 December 5.9 11.2 10.5 Depreciation:Balance as of 01 January 6.8 4.9 3.0 Exchange rate adjustment -0.1 \u2014 -0.2 Disposals -5.9 -0.6 -0.6 Depreciation for the year 1.8 2.5 2.8 Transfers \u2014 \u2014 -0.1 Balance as of 31 December 2.6 6.8 4.9 Carrying amount as of 31 December 3.3 4.4 5.6 For information on assets provided as collateral security, please refer to Note 21. Please refer to Note 12 for information on impairment testing.The depreciation expense related to \u201cOther plant and operating equipment\u201d of USD 1.8m relates to \u201cAdministrative expense\u201d (2023: USD 2.5m, 2022: USD 2.8m). Depreciation and impairment losses on tangible fixed assets on \u201cVessels and capitalized dry-docking\u201d relate to operating expenses.Accounting PoliciesVesselsVessels consist of owned vessels and vessels financed via sale and leaseback transactions. Vessels are measured at cost less accumulated depreciation and accumulated impairment losses. Costs comprise acquisition costs 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. In partly share-based acquisitions, vessels are measured at fair value at the delivery date, where the purchase price is compared to valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels and adjusted if a material difference is identified. All major components of vessels (scrubbers, etc.) except for dry-docking costs are depreciated on a straight-line basis to the estimated residual value over their estimated useful life. Different drivers such as TORM\u2019s short and long-term climate targets, the revised IMO\u2019s Green House Gas Strategy, and other new regulation and policies with increased focus on carbon reduction on both short and long-term impact the determination of the estimated useful life. Considering the different drivers, TORM estimates the useful life to be 25 years for newbuildings - in line with previous years and with what is used by other shipowners with comparable tonnage. Depreciation is based on costs less the estimated residual value. Residual value is estimated as the lightweight tonnage of each vessel multiplied by the recycling prices per ton. TORM has completed phasing in green recycling prices in the calculation of residual values by applying a weighted average of green recycling and conventional recycling prices, while using a 3-year average to limit volatility. 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 TORM\u2019s business plans.TORM also evaluates the carrying amounts to determine if events have occurred which indicate impairment and would require a modification of the carrying amounts at the reporting date. Prepayment on vessels is measured at costs incurred.Dry-dockingApproximately every 24 and 60 months, depending on the nature of work and external requirements, the vessels are required to undergo planned dry-dockings for replacement of certain components, major repairs, and major maintenance of other components, which cannot be carried out while the vessels are operating. These dry-docking costs are capitalized and depreciated on a straight-line basis over the estimated period until the next dry-docking. The residual value of such components is estimated at nil. The useful life of the dry-docking costs is reviewed at least at each financial year-end based on market conditions, regulatory requirements, and TORM\u2019s business plans. 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 thereof 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 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.At 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, the 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 turbocharger, 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.Prepayments on vesselsPrepayments consist of prepayments related to the purchase of second-hand vessels not yet delivered and to newbuilding contracts for vessels not yet delivered which also include the share of borrowing costs directly attributable to the acquisition of the underlying vessel. When a vessel is delivered, the prepaid amount is reallocated to the financial statement line \u201cVessels and capitalized dry-docking\u201d.Land and buildings and other plant and operating equipmentLand and buildings and other plant and operating equipment consist of leaseholds regarding office buildings, leasehold improvements, company cars, IT equipment, and software and is measured at historical cost less accumulated depreciation and any impairment loss. Any subsequent cost is included in the asset\u2019s carrying amount or recognized as a separate asset only when it is probable that future economic benefits are associated with the item and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful life of the assets. The current estimates are:\u2022 Land and buildings \u2022 Office buildings: Over the shorter of the remaining leasing term and the estimated useful life\u2022 Leasehold improvements: Over the shorter of the remaining leasing term and the estimated useful life\u2022 Other plant and operating equipment\u2022 Company cars: Over the lease term, typically 3 years\u2022 IT equipment: 3\u20135 years \u2022 Software: 3\u20135 years\u2022 Other equipment 3\u201315 yearsThe depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by the Management. For a right-of-use asset, depreciation commences at the commencement date of the lease. Assets held for saleAssets are classified as held-for-sale if the carrying amount will be recovered principally through a sales transaction rather than through continuing use. This condition is regarded as met only when the asset is available for immediate sale in its present condition subject to terms which are usual and customary for sales of such assets, and when its sale is highly probable. The Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Assets held for sale mainly refer to vessels being sold and are measured at the lower of their previous carrying amount and fair value less costs to sell. Gains are recognized on delivery to the new owners in the income statement in the item \u201cProfit from sale of vessels\u201d. Anticipated losses are recognized at the time when the asset is classified as held-for-sale in the item \u201cImpairment losses on tangible and intangible assets\u201d.NOTE 11 \u2013 LEASINGTORM leases office buildings, some vehicles, and other administrative equipment. Except for short-term leases and leases of low-value assets, each lease is reflected on the balance sheet as a right-of-use asset with a corresponding lease liability. The right-of-use assets are included in the financial statement line item in which the corresponding underlying assets would be presented if they were owned. Please refer to Note 10.As of 31 December 2024, TORM had recognized the following right-of-use assets:Other plant and Land and operating USDmbuildingsequipmentCost:Balance as of 01 January 2024 14.6 1.5 Exchange rate adjustments -0.2 \u2014 Additions 5.6 \u2014 Disposals -2.4 -0.3 Balance as of 31 December 2024 17.6 1.2 Depreciation:Balance as of 01 January 2024 9.1 0.7 Exchange rate adjustment 0.2 \u2014 Disposals -2.3 -0.3 Depreciation for the year 2.5 0.3 Balance as of 31 December 2024 9.5 0.7 Carrying amount as of 31 December 2024 8.1 0.5 Other plant and Land and operating USDmbuildingsequipmentCost:Balance as of 01 January 2023 12.0 1.3 Exchange rate adjustments -0.2 0.1 Additions 4.4 0.1 Disposals -1.6 \u2014 Balance as of 31 December 2023 14.6 1.5 Depreciation:Balance as of 01 January 2023 8.2 0.4 Exchange rate adjustments \u2014 -0.1 Disposals -1.6 \u2014 Depreciation for the year 2.5 0.4 Balance as of 31 December 2023 9.1 0.7 Carrying amount as of 31 December 2023 5.5 0.8 Other plant and Land and operating USDmbuildingsequipmentCost:Balance as of 01 January 2022 10.9 0.7 Exchange rate adjustments -0.3 \u2014 Additions 0.3 0.1 Additions from business combinations 1.1 0.9 Disposals \u2014 -0.4 Balance as of 31 December 2022 12.0 1.3 Depreciation:Balance as of 01 January 2022 6.1 0.5 Exchange rate adjustments -0.2 \u2014 Disposals \u2014 -0.3 Depreciation for the year 2.3 0.2 Balance as of 31 December 2022 8.2 0.4 Carrying amount as of 31 December 2022 3.8 0.9 The table below describes the nature of the Group\u2019s leasing activities by type of right-of-use assets recognized on the balance sheet as of 31 December 2024:Other plant and Land and operating buildingsequipmentNo. of right-of-use assets leased 16 6Range of remaining term 0 - 5 years 0 - 2 yearsAverage remaining lease term 2.7 years 2.1 yearsNo. of leases with extension options 12 6No. of leases with options to purchase 0 1No. of leases with termination options128Lease liabilities regarding right-of-use assets are included on the balance sheet under \u201cBorrowings\u201d. USDm 2024 2023 2022Maturity analysis - contractual undiscounted cash flowLess than one year 3.1 2.9 2.7 One to five years 7.2 4.7 2.6 Total undiscounted lease liabilities as of 31 December 10.3 7.6 5.3 Lease liabilities included under \u201cBorrowings\u201d as of 31 December 8.6 6.6 5.0 Non-current 6.4 4.1 2.5 Current 2.2 2.5 2.5 Extension and termination options are included in several leases in order to optimize operational flexibility in terms of managing contracts. The lease term determined by TORM is the non-cancellable period of a lease, together with any extension/termination options if these are/are not reasonably certain to be exercised. Lease payments not recognized as a liabilityTORM has elected not to recognize a lease liability for short-term leases (leases of an expected term of 12 months or less) or for leases of low-value assets. Payments made under such leases are expensed on a straight-line basis. The expenses relating to payments not recognized as a lease liability are insignificant.Cash outflow for leasesThe total cash outflow for leases amounts to USD 3.6m (2023: USD 3.2m, 2022: USD 2.7m).Accounting policiesTORM 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. 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 the Company or over the lease period depending on the lease terms.The corresponding lease obligation is recognized as a liability in the balance sheet under \u201cBorrowings\u201d and initially measured at the present value of the lease payments that are not paid at the commencement date. The Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. Subsequently lease liabilities are measured at amortized cost using the effective interest method, where the lease liabilities are remeasured when there is a change in future lease payments. 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.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 \u201cBorrowings\u201d. No gain or loss is recorded, and the asset remains recognized on the balance sheet under Vessels and capitalized dry-docking.",
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"f1__s8__7__181-1": {
"value": "USDm 2024 2023 2022GOODWILLCost:Balance as of 01 January 13.2 13.2 11.4 Exchange rate adjustments -0.1 \u2014 \u2014 Additions from business combinations \u2014 \u2014 1.8 Balance as of 31 December 13.1 13.2 13.2 Impairment: Balance as of 01 January 11.4 11.4 11.4 Balance as of 31 December 11.4 11.4 11.4 Carrying amount 1.7 1.8 1.8 The opening balance in 2022 on goodwill cost and impairment relates to the reverse acquisition of TORM A/S in 2015, which was impaired in 2016. The goodwill addition in 2022 of USD 1.8m relates to the acquisition of Marine Exhaust Technology A/S, which is allocated to the Marine Engineering cash-generating unit. Please refer to note 34 for further reference on acquisition and note 12 for further reference on impairment testing.GoodwillGoodwill is measured as the excess of the cost of the business combination over the fair value of the acquired assets, liabilities, and contingent liabilities and is recognized as an asset under intangible assets. For each business combination, TORM elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. Goodwill is not amortized as it is considered to have an indefinite useful life, but the recoverable amount of goodwill is assessed annually. For impairment testing purposes, goodwill is on initial recognition allocated to the cash generating unit expected to benefit from the synergies of the combination. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is first allocated to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss for goodwill is not reversed in a subsequent period.",
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"value": "USDm 2024 2023 2022OTHER INTANGIBLE ASSETSCost: Balance as of 01 January 2.8 2.3 \u2014 Exchange rate adjustments \u2014 \u2014 0.2 Additions 1.1 0.5 0.6 Additions from business combinations \u2014 \u2014 1.2 Transfer from other items \u2014 \u2014 0.3 Balance as of 31 December 3.9 2.8 2.3 Amortization: Balance as of 01 January 1.0 0.4 \u2014 Amortization for the year 0.9 0.6 0.3 Transfer from other items \u2014 \u2014 0.1 Balance as of 31 December 1.9 1.0 0.4 Carrying amount 2.0 1.8 1.9Other Intangible AssetsOther intangible assets consist of software as well as scrubber test facility development costs and customer list acquired in connection with the Marine Exhaust Technology A/S acquisition. Other intangible assets are measured at cost less accumulated amortization and impairment losses. Other intangible assets are considered as having finite useful lives and are amortized on a straight-line basis over: \u2022 Software: 3 years \u2022 Scrubber test facility: 2 years \u2022 Customer list: 7 years",
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"f1__s8__7__183": {
"value": "Accounting PoliciesGoodwillGoodwill is measured as the excess of the cost of the business combination over the fair value of the acquired assets, liabilities, and contingent liabilities and is recognized as an asset under intangible assets. For each business combination, TORM elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. Goodwill is not amortized as it is considered to have an indefinite useful life, but the recoverable amount of goodwill is assessed annually. For impairment testing purposes, goodwill is on initial recognition allocated to the cash generating unit expected to benefit from the synergies of the combination. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is first allocated to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss for goodwill is not reversed in a subsequent period.Other Intangible AssetsOther intangible assets consist of software as well as scrubber test facility development costs and customer list acquired in connection with the Marine Exhaust Technology A/S acquisition. Other intangible assets are measured at cost less accumulated amortization and impairment losses. Other intangible assets are considered as having finite useful lives and are amortized on a straight-line basis over: \u2022 Software: 3 years \u2022 Scrubber test facility: 2 years \u2022 Customer list: 7 years",
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"f1__s8__7__187-1": {
"value": "GoodwillGoodwill is measured as the excess of the cost of the business combination over the fair value of the acquired assets, liabilities, and contingent liabilities and is recognized as an asset under intangible assets. For each business combination, TORM elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. Goodwill is not amortized as it is considered to have an indefinite useful life, but the recoverable amount of goodwill is assessed annually. For impairment testing purposes, goodwill is on initial recognition allocated to the cash generating unit expected to benefit from the synergies of the combination. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is first allocated to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss for goodwill is not reversed in a subsequent period.Accounting PoliciesNewly acquired or formed entities are recognized in the consolidated financial statements from the date of acquisition or formation. The date of acquisition is the date on which control over the entity is effectively transferred.Business combinations are accounted for by applying the purchase method, whereby the acquired entities\u2019 identifiable assets, liabilities, and contingent liabilities are measured at fair value at the acquisition date. The tax effect of the revaluation activities is also considered.When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the amount of that adjustment is included in the cost of the combination if the event is probable and the adjustment can be measured reliably. Costs of issuing debt or equity instruments in connection with a business combination are accounted for together with the debt or equity issuance. All other costs associated with the acquisition are expensed in the income statement.The excess of the cost of the business combination over the fair value of the acquired assets, liabilities, and contingent liabilities is recognized as goodwill under intangible assets and is tested for impairment at least once a year. Upon acquisition, goodwill is allocated to the cash generating units that subsequently form the basis for the impairment test. If the fair value of the acquired assets, liabilities, and contingent liabilities exceeds the cost of the business combination, the identification of assets and liabilities and the processes of measuring the fair value of the assets and liabilities and the cost of the business combination are reassessed. If the fair value of the business combination continues to exceed the cost, the resulting gain is recognized in the income statement.",
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"f1__s8__7__186": {
"value": "GoodwillGoodwill is measured as the excess of the cost of the business combination over the fair value of the acquired assets, liabilities, and contingent liabilities and is recognized as an asset under intangible assets. For each business combination, TORM elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses. Goodwill is not amortized as it is considered to have an indefinite useful life, but the recoverable amount of goodwill is assessed annually. For impairment testing purposes, goodwill is on initial recognition allocated to the cash generating unit expected to benefit from the synergies of the combination. If the recoverable amount of the cash generating unit is less than the carrying amount of the unit, the impairment loss is first allocated to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss for goodwill is not reversed in a subsequent period.",
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"value": "Other Intangible AssetsOther intangible assets consist of software as well as scrubber test facility development costs and customer list acquired in connection with the Marine Exhaust Technology A/S acquisition. Other intangible assets are measured at cost less accumulated amortization and impairment losses. Other intangible assets are considered as having finite useful lives and are amortized on a straight-line basis over: \u2022 Software: 3 years \u2022 Scrubber test facility: 2 years \u2022 Customer list: 7 years",
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"value": "NOTE 10 \u2013 TANGIBLE FIXED ASSETSUSDm 2024 2023 2022LAND AND BUILDINGS Cost: Balance as of 01 January 14.6 12.0 10.9 Exchange rate adjustment -0.2 -0.2 -0.3 Additions 5.6 4.4 0.3 Additions from business combinations \u2014 \u2014 1.1 Disposals -2.4 -1.6 \u2014 Balance as of 31 December 17.6 14.6 12.0 Depreciation: Balance as of 01 January 9.1 8.2 6.1 Exchange rate adjustment 0.2 \u2014 -0.2 Disposals -2.3 -1.6 \u2014 Depreciation for the year 2.5 2.5 2.3 Balance as of 31 December 9.5 9.1 8.2 Carrying amount as of 31 December 8.1 5.5 3.8 USDm 2024 2023 2022VESSELS AND CAPITALIZED DRY-DOCKINGCost:Balance as of 01 January 2,622.1 2,421.2 2,443.3 Additions 792.7 476.0 77.2 Disposals -20.7 -31.9 -14.2 Transferred from prepayments 197.5 40.6 55.1 Transferred to assets held for sale -90.7 -283.8 -140.2 Balance as of 31 December 3,500.9 2,622.1 2,421.2 Depreciation:Balance as of 01 January 536.3 543.8 475.0 Disposals -20.7 -31.9 -14.2 Depreciation for the year 186.7 143.7 133.7 Transferred to assets held for sale -41.7 -119.3 -50.7 Balance as of 31 December 660.6 536.3 543.8 Impairment:Balance as of 01 January 15.6 21.5 30.5 Impairment losses on tangible fixed assets\u00b9\u207e \u2014 \u2014 2.7 Transferred to assets held for sale -2.0 -5.9 -11.7 Balance as of 31 December 13.6 15.6 21.5 Carrying amount as of 31 December 2,826.7 2,070.2 1,855.9 \u00b9\u207e For additional information regarding impairment considerations, please refer to Note 12Included in the carrying amount for \u201cVessels and capitalized dry-docking\u201d are capitalized dry-docking costs in the amount of USD 108.2m (2023: USD 75.1m, 2022: USD 50.1m).Included in the carrying amount for \u201cVessels and capitalized dry-docking\u201d are vessels on time charter leases (as lessor) in the amount of USD 395.5m (2023: 169.8m, 2022: 13.7m). Please refer to Note 23 for expected redelivery of the vessels. In 2024 TORM took delivery of 19 (2023: 5, 2022: 0) vessels in connection with partly share-based transactions for a total purchase price of USD 864.5m (2023: USD 173.0m, 2022: 0.0m), of which USD 86.0m was paid in 2023. The fair value of the vessels is based on the market approach which considers the valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels. The shipbrokers\u2019 primary input is deadweight tonnage, yard, and age of the vessel. The fair value assumes that the vessels are in good and seaworthy condition and with prompt, charter-free delivery.USDm 2024 2023 2022PREPAYMENTS ON VESSELSCost:Balance as of 01 January 86.0 \u2014 12.0 Additions 111.5 126.6 43.1 Transferred to vessels -197.5 -40.6 -55.1 Balance as of 31 December \u2014 86.0 \u2014 Carrying amount as of 31 December \u2014 86.0 \u2014 USDm 2024 2023 2022OTHER PLANT AND OPERATING EQUIPMENTCost:Balance as of 01 January 11.2 10.5 9.3 Exchange rate adjustment -0.1 \u2014 -0.2 Additions 1.3 1.3 0.8 Additions from business combinations \u2014 \u2014 1.6 Disposals -6.5 -0.6 -0.7 Transfers \u2014 \u2014 -0.3 Balance as of 31 December 5.9 11.2 10.5 Depreciation:Balance as of 01 January 6.8 4.9 3.0 Exchange rate adjustment -0.1 \u2014 -0.2 Disposals -5.9 -0.6 -0.6 Depreciation for the year 1.8 2.5 2.8 Transfers \u2014 \u2014 -0.1 Balance as of 31 December 2.6 6.8 4.9 Carrying amount as of 31 December 3.3 4.4 5.6 For information on assets provided as collateral security, please refer to Note 21. Please refer to Note 12 for information on impairment testing.The depreciation expense related to \u201cOther plant and operating equipment\u201d of USD 1.8m relates to \u201cAdministrative expense\u201d (2023: USD 2.5m, 2022: USD 2.8m). Depreciation and impairment losses on tangible fixed assets on \u201cVessels and capitalized dry-docking\u201d relate to operating expenses.Accounting PoliciesVesselsVessels consist of owned vessels and vessels financed via sale and leaseback transactions. Vessels are measured at cost less accumulated depreciation and accumulated impairment losses. Costs comprise acquisition costs 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. In partly share-based acquisitions, vessels are measured at fair value at the delivery date, where the purchase price is compared to valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels and adjusted if a material difference is identified. All major components of vessels (scrubbers, etc.) except for dry-docking costs are depreciated on a straight-line basis to the estimated residual value over their estimated useful life. Different drivers such as TORM\u2019s short and long-term climate targets, the revised IMO\u2019s Green House Gas Strategy, and other new regulation and policies with increased focus on carbon reduction on both short and long-term impact the determination of the estimated useful life. Considering the different drivers, TORM estimates the useful life to be 25 years for newbuildings - in line with previous years and with what is used by other shipowners with comparable tonnage. Depreciation is based on costs less the estimated residual value. Residual value is estimated as the lightweight tonnage of each vessel multiplied by the recycling prices per ton. TORM has completed phasing in green recycling prices in the calculation of residual values by applying a weighted average of green recycling and conventional recycling prices, while using a 3-year average to limit volatility. 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 TORM\u2019s business plans.TORM also evaluates the carrying amounts to determine if events have occurred which indicate impairment and would require a modification of the carrying amounts at the reporting date. Prepayment on vessels is measured at costs incurred.Dry-dockingApproximately every 24 and 60 months, depending on the nature of work and external requirements, the vessels are required to undergo planned dry-dockings for replacement of certain components, major repairs, and major maintenance of other components, which cannot be carried out while the vessels are operating. These dry-docking costs are capitalized and depreciated on a straight-line basis over the estimated period until the next dry-docking. The residual value of such components is estimated at nil. The useful life of the dry-docking costs is reviewed at least at each financial year-end based on market conditions, regulatory requirements, and TORM\u2019s business plans. 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 thereof 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 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.At 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, the 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 turbocharger, 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.Prepayments on vesselsPrepayments consist of prepayments related to the purchase of second-hand vessels not yet delivered and to newbuilding contracts for vessels not yet delivered which also include the share of borrowing costs directly attributable to the acquisition of the underlying vessel. When a vessel is delivered, the prepaid amount is reallocated to the financial statement line \u201cVessels and capitalized dry-docking\u201d.Land and buildings and other plant and operating equipmentLand and buildings and other plant and operating equipment consist of leaseholds regarding office buildings, leasehold improvements, company cars, IT equipment, and software and is measured at historical cost less accumulated depreciation and any impairment loss. Any subsequent cost is included in the asset\u2019s carrying amount or recognized as a separate asset only when it is probable that future economic benefits are associated with the item and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful life of the assets. The current estimates are:\u2022 Land and buildings \u2022 Office buildings: Over the shorter of the remaining leasing term and the estimated useful life\u2022 Leasehold improvements: Over the shorter of the remaining leasing term and the estimated useful life\u2022 Other plant and operating equipment\u2022 Company cars: Over the lease term, typically 3 years\u2022 IT equipment: 3\u20135 years \u2022 Software: 3\u20135 years\u2022 Other equipment 3\u201315 yearsThe depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by the Management. For a right-of-use asset, depreciation commences at the commencement date of the lease. Assets held for saleAssets are classified as held-for-sale if the carrying amount will be recovered principally through a sales transaction rather than through continuing use. This condition is regarded as met only when the asset is available for immediate sale in its present condition subject to terms which are usual and customary for sales of such assets, and when its sale is highly probable. The Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Assets held for sale mainly refer to vessels being sold and are measured at the lower of their previous carrying amount and fair value less costs to sell. Gains are recognized on delivery to the new owners in the income statement in the item \u201cProfit from sale of vessels\u201d. Anticipated losses are recognized at the time when the asset is classified as held-for-sale in the item \u201cImpairment losses on tangible and intangible assets\u201d.",
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},
"f1__s8__7__194": {
"value": "Accounting PoliciesVesselsVessels consist of owned vessels and vessels financed via sale and leaseback transactions. Vessels are measured at cost less accumulated depreciation and accumulated impairment losses. Costs comprise acquisition costs 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. In partly share-based acquisitions, vessels are measured at fair value at the delivery date, where the purchase price is compared to valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels and adjusted if a material difference is identified. All major components of vessels (scrubbers, etc.) except for dry-docking costs are depreciated on a straight-line basis to the estimated residual value over their estimated useful life. Different drivers such as TORM\u2019s short and long-term climate targets, the revised IMO\u2019s Green House Gas Strategy, and other new regulation and policies with increased focus on carbon reduction on both short and long-term impact the determination of the estimated useful life. Considering the different drivers, TORM estimates the useful life to be 25 years for newbuildings - in line with previous years and with what is used by other shipowners with comparable tonnage. Depreciation is based on costs less the estimated residual value. Residual value is estimated as the lightweight tonnage of each vessel multiplied by the recycling prices per ton. TORM has completed phasing in green recycling prices in the calculation of residual values by applying a weighted average of green recycling and conventional recycling prices, while using a 3-year average to limit volatility. 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 TORM\u2019s business plans.TORM also evaluates the carrying amounts to determine if events have occurred which indicate impairment and would require a modification of the carrying amounts at the reporting date. Prepayment on vessels is measured at costs incurred.Dry-dockingApproximately every 24 and 60 months, depending on the nature of work and external requirements, the vessels are required to undergo planned dry-dockings for replacement of certain components, major repairs, and major maintenance of other components, which cannot be carried out while the vessels are operating. These dry-docking costs are capitalized and depreciated on a straight-line basis over the estimated period until the next dry-docking. The residual value of such components is estimated at nil. The useful life of the dry-docking costs is reviewed at least at each financial year-end based on market conditions, regulatory requirements, and TORM\u2019s business plans. 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 thereof 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 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.At 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, the 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 turbocharger, 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.Prepayments on vesselsPrepayments consist of prepayments related to the purchase of second-hand vessels not yet delivered and to newbuilding contracts for vessels not yet delivered which also include the share of borrowing costs directly attributable to the acquisition of the underlying vessel. When a vessel is delivered, the prepaid amount is reallocated to the financial statement line \u201cVessels and capitalized dry-docking\u201d.Land and buildings and other plant and operating equipmentLand and buildings and other plant and operating equipment consist of leaseholds regarding office buildings, leasehold improvements, company cars, IT equipment, and software and is measured at historical cost less accumulated depreciation and any impairment loss. Any subsequent cost is included in the asset\u2019s carrying amount or recognized as a separate asset only when it is probable that future economic benefits are associated with the item and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful life of the assets. The current estimates are:\u2022 Land and buildings \u2022 Office buildings: Over the shorter of the remaining leasing term and the estimated useful life\u2022 Leasehold improvements: Over the shorter of the remaining leasing term and the estimated useful life\u2022 Other plant and operating equipment\u2022 Company cars: Over the lease term, typically 3 years\u2022 IT equipment: 3\u20135 years \u2022 Software: 3\u20135 years\u2022 Other equipment 3\u201315 yearsThe depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by the Management. For a right-of-use asset, depreciation commences at the commencement date of the lease. Assets held for saleAssets are classified as held-for-sale if the carrying amount will be recovered principally through a sales transaction rather than through continuing use. This condition is regarded as met only when the asset is available for immediate sale in its present condition subject to terms which are usual and customary for sales of such assets, and when its sale is highly probable. The Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Assets held for sale mainly refer to vessels being sold and are measured at the lower of their previous carrying amount and fair value less costs to sell. Gains are recognized on delivery to the new owners in the income statement in the item \u201cProfit from sale of vessels\u201d. Anticipated losses are recognized at the time when the asset is classified as held-for-sale in the item \u201cImpairment losses on tangible and intangible assets\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__193-1": {
"value": "VesselsVessels consist of owned vessels and vessels financed via sale and leaseback transactions. Vessels are measured at cost less accumulated depreciation and accumulated impairment losses. Costs comprise acquisition costs 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. In partly share-based acquisitions, vessels are measured at fair value at the delivery date, where the purchase price is compared to valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels and adjusted if a material difference is identified. All major components of vessels (scrubbers, etc.) except for dry-docking costs are depreciated on a straight-line basis to the estimated residual value over their estimated useful life. Different drivers such as TORM\u2019s short and long-term climate targets, the revised IMO\u2019s Green House Gas Strategy, and other new regulation and policies with increased focus on carbon reduction on both short and long-term impact the determination of the estimated useful life. Considering the different drivers, TORM estimates the useful life to be 25 years for newbuildings - in line with previous years and with what is used by other shipowners with comparable tonnage. Depreciation is based on costs less the estimated residual value. Residual value is estimated as the lightweight tonnage of each vessel multiplied by the recycling prices per ton. TORM has completed phasing in green recycling prices in the calculation of residual values by applying a weighted average of green recycling and conventional recycling prices, while using a 3-year average to limit volatility. 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 TORM\u2019s business plans.TORM also evaluates the carrying amounts to determine if events have occurred which indicate impairment and would require a modification of the carrying amounts at the reporting date. Prepayment on vessels is measured at costs incurred.Dry-dockingApproximately every 24 and 60 months, depending on the nature of work and external requirements, the vessels are required to undergo planned dry-dockings for replacement of certain components, major repairs, and major maintenance of other components, which cannot be carried out while the vessels are operating. These dry-docking costs are capitalized and depreciated on a straight-line basis over the estimated period until the next dry-docking. The residual value of such components is estimated at nil. The useful life of the dry-docking costs is reviewed at least at each financial year-end based on market conditions, regulatory requirements, and TORM\u2019s business plans. 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 thereof 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 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.At 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, the 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 turbocharger, 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.Land and buildings and other plant and operating equipmentLand and buildings and other plant and operating equipment consist of leaseholds regarding office buildings, leasehold improvements, company cars, IT equipment, and software and is measured at historical cost less accumulated depreciation and any impairment loss. Any subsequent cost is included in the asset\u2019s carrying amount or recognized as a separate asset only when it is probable that future economic benefits are associated with the item and the cost of the item can be measured reliably. Depreciation is based on the straight-line method over the estimated useful life of the assets. The current estimates are:\u2022 Land and buildings \u2022 Office buildings: Over the shorter of the remaining leasing term and the estimated useful life\u2022 Leasehold improvements: Over the shorter of the remaining leasing term and the estimated useful life\u2022 Other plant and operating equipment\u2022 Company cars: Over the lease term, typically 3 years\u2022 IT equipment: 3\u20135 years \u2022 Software: 3\u20135 years\u2022 Other equipment 3\u201315 yearsThe depreciation commences when the asset is available for use, i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by the Management. For a right-of-use asset, depreciation commences at the commencement date of the lease.Accounting policiesTORM 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. 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 the Company or over the lease period depending on the lease terms.The corresponding lease obligation is recognized as a liability in the balance sheet under \u201cBorrowings\u201d and initially measured at the present value of the lease payments that are not paid at the commencement date. The Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. Subsequently lease liabilities are measured at amortized cost using the effective interest method, where the lease liabilities are remeasured when there is a change in future lease payments. 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.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 \u201cBorrowings\u201d. No gain or loss is recorded, and the asset remains recognized on the balance sheet under Vessels and capitalized dry-docking.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
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"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__198": {
"value": "NOTE 11 \u2013 LEASINGTORM leases office buildings, some vehicles, and other administrative equipment. Except for short-term leases and leases of low-value assets, each lease is reflected on the balance sheet as a right-of-use asset with a corresponding lease liability. The right-of-use assets are included in the financial statement line item in which the corresponding underlying assets would be presented if they were owned. Please refer to Note 10.As of 31 December 2024, TORM had recognized the following right-of-use assets:Other plant and Land and operating USDmbuildingsequipmentCost:Balance as of 01 January 2024 14.6 1.5 Exchange rate adjustments -0.2 \u2014 Additions 5.6 \u2014 Disposals -2.4 -0.3 Balance as of 31 December 2024 17.6 1.2 Depreciation:Balance as of 01 January 2024 9.1 0.7 Exchange rate adjustment 0.2 \u2014 Disposals -2.3 -0.3 Depreciation for the year 2.5 0.3 Balance as of 31 December 2024 9.5 0.7 Carrying amount as of 31 December 2024 8.1 0.5 Other plant and Land and operating USDmbuildingsequipmentCost:Balance as of 01 January 2023 12.0 1.3 Exchange rate adjustments -0.2 0.1 Additions 4.4 0.1 Disposals -1.6 \u2014 Balance as of 31 December 2023 14.6 1.5 Depreciation:Balance as of 01 January 2023 8.2 0.4 Exchange rate adjustments \u2014 -0.1 Disposals -1.6 \u2014 Depreciation for the year 2.5 0.4 Balance as of 31 December 2023 9.1 0.7 Carrying amount as of 31 December 2023 5.5 0.8 Other plant and Land and operating USDmbuildingsequipmentCost:Balance as of 01 January 2022 10.9 0.7 Exchange rate adjustments -0.3 \u2014 Additions 0.3 0.1 Additions from business combinations 1.1 0.9 Disposals \u2014 -0.4 Balance as of 31 December 2022 12.0 1.3 Depreciation:Balance as of 01 January 2022 6.1 0.5 Exchange rate adjustments -0.2 \u2014 Disposals \u2014 -0.3 Depreciation for the year 2.3 0.2 Balance as of 31 December 2022 8.2 0.4 Carrying amount as of 31 December 2022 3.8 0.9 The table below describes the nature of the Group\u2019s leasing activities by type of right-of-use assets recognized on the balance sheet as of 31 December 2024:Other plant and Land and operating buildingsequipmentNo. of right-of-use assets leased 16 6Range of remaining term 0 - 5 years 0 - 2 yearsAverage remaining lease term 2.7 years 2.1 yearsNo. of leases with extension options 12 6No. of leases with options to purchase 0 1No. of leases with termination options128Lease liabilities regarding right-of-use assets are included on the balance sheet under \u201cBorrowings\u201d. USDm 2024 2023 2022Maturity analysis - contractual undiscounted cash flowLess than one year 3.1 2.9 2.7 One to five years 7.2 4.7 2.6 Total undiscounted lease liabilities as of 31 December 10.3 7.6 5.3 Lease liabilities included under \u201cBorrowings\u201d as of 31 December 8.6 6.6 5.0 Non-current 6.4 4.1 2.5 Current 2.2 2.5 2.5 Extension and termination options are included in several leases in order to optimize operational flexibility in terms of managing contracts. The lease term determined by TORM is the non-cancellable period of a lease, together with any extension/termination options if these are/are not reasonably certain to be exercised. Lease payments not recognized as a liabilityTORM has elected not to recognize a lease liability for short-term leases (leases of an expected term of 12 months or less) or for leases of low-value assets. Payments made under such leases are expensed on a straight-line basis. The expenses relating to payments not recognized as a lease liability are insignificant.Cash outflow for leasesThe total cash outflow for leases amounts to USD 3.6m (2023: USD 3.2m, 2022: USD 2.7m).Accounting policiesTORM 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. 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 the Company or over the lease period depending on the lease terms.The corresponding lease obligation is recognized as a liability in the balance sheet under \u201cBorrowings\u201d and initially measured at the present value of the lease payments that are not paid at the commencement date. The Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. Subsequently lease liabilities are measured at amortized cost using the effective interest method, where the lease liabilities are remeasured when there is a change in future lease payments. 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.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 \u201cBorrowings\u201d. No gain or loss is recorded, and the asset remains recognized on the balance sheet under Vessels and capitalized dry-docking.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
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},
"f1__s8__7__197-1": {
"value": "NOTE 11 \u2013 LEASINGTORM leases office buildings, some vehicles, and other administrative equipment. Except for short-term leases and leases of low-value assets, each lease is reflected on the balance sheet as a right-of-use asset with a corresponding lease liability. The right-of-use assets are included in the financial statement line item in which the corresponding underlying assets would be presented if they were owned. Please refer to Note 10.As of 31 December 2024, TORM had recognized the following right-of-use assets:Other plant and Land and operating USDmbuildingsequipmentCost:Balance as of 01 January 2024 14.6 1.5 Exchange rate adjustments -0.2 \u2014 Additions 5.6 \u2014 Disposals -2.4 -0.3 Balance as of 31 December 2024 17.6 1.2 Depreciation:Balance as of 01 January 2024 9.1 0.7 Exchange rate adjustment 0.2 \u2014 Disposals -2.3 -0.3 Depreciation for the year 2.5 0.3 Balance as of 31 December 2024 9.5 0.7 Carrying amount as of 31 December 2024 8.1 0.5 Other plant and Land and operating USDmbuildingsequipmentCost:Balance as of 01 January 2023 12.0 1.3 Exchange rate adjustments -0.2 0.1 Additions 4.4 0.1 Disposals -1.6 \u2014 Balance as of 31 December 2023 14.6 1.5 Depreciation:Balance as of 01 January 2023 8.2 0.4 Exchange rate adjustments \u2014 -0.1 Disposals -1.6 \u2014 Depreciation for the year 2.5 0.4 Balance as of 31 December 2023 9.1 0.7 Carrying amount as of 31 December 2023 5.5 0.8 Other plant and Land and operating USDmbuildingsequipmentCost:Balance as of 01 January 2022 10.9 0.7 Exchange rate adjustments -0.3 \u2014 Additions 0.3 0.1 Additions from business combinations 1.1 0.9 Disposals \u2014 -0.4 Balance as of 31 December 2022 12.0 1.3 Depreciation:Balance as of 01 January 2022 6.1 0.5 Exchange rate adjustments -0.2 \u2014 Disposals \u2014 -0.3 Depreciation for the year 2.3 0.2 Balance as of 31 December 2022 8.2 0.4 Carrying amount as of 31 December 2022 3.8 0.9 The table below describes the nature of the Group\u2019s leasing activities by type of right-of-use assets recognized on the balance sheet as of 31 December 2024:Other plant and Land and operating buildingsequipmentNo. of right-of-use assets leased 16 6Range of remaining term 0 - 5 years 0 - 2 yearsAverage remaining lease term 2.7 years 2.1 yearsNo. of leases with extension options 12 6No. of leases with options to purchase 0 1No. of leases with termination options128Lease liabilities regarding right-of-use assets are included on the balance sheet under \u201cBorrowings\u201d. USDm 2024 2023 2022Maturity analysis - contractual undiscounted cash flowLess than one year 3.1 2.9 2.7 One to five years 7.2 4.7 2.6 Total undiscounted lease liabilities as of 31 December 10.3 7.6 5.3 Lease liabilities included under \u201cBorrowings\u201d as of 31 December 8.6 6.6 5.0 Non-current 6.4 4.1 2.5 Current 2.2 2.5 2.5 Extension and termination options are included in several leases in order to optimize operational flexibility in terms of managing contracts. The lease term determined by TORM is the non-cancellable period of a lease, together with any extension/termination options if these are/are not reasonably certain to be exercised. Lease payments not recognized as a liabilityTORM has elected not to recognize a lease liability for short-term leases (leases of an expected term of 12 months or less) or for leases of low-value assets. Payments made under such leases are expensed on a straight-line basis. The expenses relating to payments not recognized as a lease liability are insignificant.Cash outflow for leasesThe total cash outflow for leases amounts to USD 3.6m (2023: USD 3.2m, 2022: USD 2.7m).Accounting policiesTORM 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. 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 the Company or over the lease period depending on the lease terms.The corresponding lease obligation is recognized as a liability in the balance sheet under \u201cBorrowings\u201d and initially measured at the present value of the lease payments that are not paid at the commencement date. The Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. Subsequently lease liabilities are measured at amortized cost using the effective interest method, where the lease liabilities are remeasured when there is a change in future lease payments. 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.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 \u201cBorrowings\u201d. No gain or loss is recorded, and the asset remains recognized on the balance sheet under Vessels and capitalized dry-docking.NOTE 20 \u2013 EFFECTIVE INTEREST RATE, OUTSTANDING BORROWINGS 2024 2023 2022Fixed/EffectiveCarryingEffectiveCarryingEffectiveCarryingUSDmfloating Maturityinterest\u00b9\u207evalue\u00b2\u207e Maturityinterest\u00b9\u207evalue\u00b2\u207e Maturityinterest\u00b9\u207evalue\u00b2\u207eBorrowingsSyndicate Facility\u2075\u207e Floating 2029 7.2 % 160.0 2028 6.6 % 224.0 2026 7.6 % 143.8Bond Facility\u2075\u207e Fixed 2029 9.9 % 200.0 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014DSF Facility\u2075\u207e Floating 2029 6.4 % 123.8 2029 5.9 % 140.1 2027 6.7 % 201.8DSF Facility 2\u2075\u207e Floating 2029 6.2 % 92.0 2029 5.8 % 52.5 \u2014 \u2014 \u2014DSF Facility 3\u2075\u207e Floating 2031 6.2 % 29.8 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014HCOB Facility\u2075\u207e Floating 2031 7.4 % 87.5 2029 7.8 % 31.2 2025 9.9 % 42.4ING\u2075\u207e Floating 2029 6.4 % 51.4 2029 5.9 % 57.9 \u2014 \u2014 \u2014KFW Facility\u2075\u207e Floating 2032 7.1 % 31.8 2032 6.4 % 34.8 2032 7.1 % 37.9BoComm 2 (USD)\u00b3\u207e Floating 2032 7.6 % 62.1 2032 7.0 % 66.7 2031 7.4 % 71.3BoComm 3 (USD)\u00b3\u207e Floating 2029 7.9 % 73.5 2029 7.3 % 82.2 2029 7.8 % 90.9CDBL\u00b3\u207e Fixed 2032 6.1 % 136.5 2032 5.7 % 149.0 2029 5.8 % 160.8Springliner (USD)\u00b3\u207e Fixed 2026 4.8 % 25.0 2026 4.8 % 27.9 2026 4.8 % 30.7CMBFL\u00b3\u207e Fixed 2033 5.8 % 159.5 2033 5.7 % 195.8 2033 4.9 % 37.3Other credit facilities Floating 2026 4.3 % 1.8 2026 4.7 % 4.8 2026 3.1 % 4.9CEXIM (USD)\u2075\u207e Floating \u2014 \u2014 \u2014 \u2014 \u2014 % \u2014 2030 7.0 % 41.1HCOB Facility 2\u2075\u207e Floating \u2014 \u2014 \u2014 \u2014 \u2014 % \u2014 2026 8.3 % 21.1BoComm 1 (USD)\u00b3\u207e Floating \u2014 \u2014 \u2014 \u2014 \u2014 % \u2014 2025 8.7 % 49.4Eifuku (USD)\u00b3\u207e Floating \u2014 \u2014 \u2014 \u2014 \u2014 % \u2014 2026 7.9 % 20.9Showa (USD)\u00b3\u207e Floating \u2014 \u2014 \u2014 \u2014 \u2014 % \u2014 2024 8.6 % 18.7Weighted average effective interest rate\u2074\u207e 7.1 % 6.2 % 7.1 %Total borrowings1,234.7 1,066.9 973.0Borrowing costs-17.0 -13.9 -11.1Right-of-use lease liabilities8.6 6.6 5.0Total 1,226.3 1,059.6 966.9Hereof non-current 1,061.0 886.9 849.8 Hereof current 165.3 172.7 117.1 \u00b9\u207e Effective interest rate includes deferred borrowing costs.\u00b2\u207e Because of the floating interest rate, the carrying value of the Group's borrowings is approximately equal to the fair value except for fixed rate borrowings, where the fair value amounts to USD 544.8m (2023: USD 402.8m, 2022: USD 223.5m (compared to a total carrying value as of 31 December 2024 of USD 521.0m, 2023: USD 372.7m, 2022: USD 233.7m).\u00b3\u207e Lease debt recognized under sale and leaseback arrangement with repurchase options (accounted for as finance transactions).\u2074\u207e Please refer to Note 24 for average interest rate including hedges.\u2075\u207e Facility with financial covenant. Total carrying value amounts to USD 776.3m as of 31 December 2024 (2023: USD 540.5m, 2022: USD 488.1m). In addition to the facilities above, TORM had undrawn credit facilities of USD 323.6m as of 31 December 2024. Please refer to Note 2 for further information on the Company\u2019s liquidity and capital resources and Notes 24 and 25 for further information on interest rate swaps and financial risks.The following table summarizes the reconciliation of liabilities arising from financing activities:Cash movements Non-cash movementsOpening balance End balance as of Business as of 31 01 January combin-Other December USDm2024 Borrowings Repaymentsationschanges2024Borrowings 1,059.6 419.4 -256.3 \u2014 3.6 1,226.3 Total 1,059.6 419.4 -256.3 \u2014 3.6 1,226.3 Cash movements Non-cash movementsOpening balance End balance as of Business as of 31 01 January combin-Other December USDm2023 Borrowings Repaymentsationschanges2023Borrowings 966.9 676.4 -585.4 \u2014 1.7 1,059.6 Total 966.9 676.4 -585.4 \u2014 1.7 1,059.6 Cash movements Non-cash movementsOpening balance End balance as of Business as of 31 01 January combin-Other December USDm2022 Borrowings Repaymentsationschanges2022Borrowings 1,135.4 96.3 -275.2 7.9 2.5 966.9 Total 1,135.4 96.3 -275.2 7.9 2.5 966.9 Accounting PoliciesBorrowings consist of mortgage debt, bank loans, bonds and lease liabilities.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.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.NOTE 21 \u2013 COLLATERAL SECURITY FOR BORROWINGSThe total carrying amount of vessels which have been provided as security for borrowings amounts to USD 2,827m as of 31 December 2024 (2023: USD 2,070m, 2022: USD 1,856m), including transferred ownership under sale and leaseback arrangements accounted for as financing transactions, where the vessels are not derecognized and where vessels are provided as security for lease debt.USD 0.7m (2023: USD 0.7m, 2022: USD 0.7m) in floating charge in Marine Exhaust Technology A/S have been provided as security for loans to other lenders. USD 0.3m (2023: USD 0.4m, 2022: USD 0.4m) in floating charge in Marine Exhaust Technology A/S have been provided as security for loans to banks.In 2024 0 shares (2023: 10,500 shares, 2022: 10,500 shares) in ME Production A/S with a book value of zero (2023: USD 2.1m, 2022: USD 2.1m) have been provided as security for loans to the lenders of Marine Exhaust Technology A/S. USD 6.2m (2023: USD 6.6m, 2022: USD 6.4m) in floating charge in ME Production A/S with a book value of 7.4m (2023: USD 10.5m, 2022: USD 10.2m) have been provided as security for loans to banks.Please refer to Note 1 for further information.NOTE 23 \u2013 CONTRACTUAL RIGHTS AND OBLIGATIONSThe following table summarizes the Group's contractual obligations as of 31 December 2024.USDm 2025 2026 2027 2028 2029 Thereafter TotalBorrowings \u00b9\u207e 167.9 166.2 132.8 118.1 488.2 170.1 1,243.3 Interest payments related to scheduled interest fixing 51.1 46.5 43.7 39.8 26.0 5.3 212.4 Estimated variable interest payments \u00b2\u207e 9.9 8.8 8.4 8.5 5.7 4.7 46.0 Committed scrubber installations \u00b3\u207e 11.9 1.1 7.9 2.1 \u2014 \u2014 23.0 Trade payables and other obligations 92.0 \u2014 \u2014 \u2014 \u2014 2.7 94.7 Total 332.8 222.6 192.8 168.5 519.9 182.8 1,619.4 The following table summarizes the Group's contractual obligations as of 31 December 2023.USDm 2024 2025 2026 2027 2028 Thereafter TotalBorrowings \u00b9\u207e 174.9 148.0 148.4 112.0 120.0 370.2 1,073.5 Interest payments related to scheduled interest fixing 41.0 32.5 26.7 24.5 19.5 18.4 162.6 Estimated variable interest payments \u00b2\u207e 6.3 5.3 6.1 6.2 7.5 8.9 40.3 Secondhand vessel commitments 190.4 \u2014 \u2014 \u2014 \u2014 \u2014 190.4 Committed scrubber installations \u00b3\u207e 23.6 \u2014 2.0 8.1 2.0 \u2014 35.7 Trade payables and other obligations 85.0 \u2014 \u2014 \u2014 \u2014 2.7 87.7 Total 521.2 185.8 183.2 150.8 149.0 400.2 1,590.2 The following table summarizes the Group's contractual obligations as of 31 December 2022.USDm 2023 2024 2025 2026 2027 Thereafter TotalBorrowings \u00b9\u207e 119.8 130.0 127.2 185.9 161.7 253.4 978.0 Interest payments related to scheduled interest fixing 34.8 30.6 24.7 18.0 14.1 22.1 144.3 Estimated variable interest payments \u00b2\u207e 3.3 1.6 2.5 2.2 5.5 11.1 26.2 Committed scrubber installations \u00b3\u207e 17.3 1.1 \u2014 \u2014 \u2014 \u2014 18.4 Trade payables and other obligations 81.6 \u2014 \u2014 \u2014 \u2014 2.5 84.1 Total 256.8 163.3 154.4 206.1 181.3 289.1 1,251.0 \u00b9\u207e The presented amounts to be repaid do not include directly related borrowing costs arising from the issuing of the loans of USD 17.0m (2023: USD 13.9m. 2022: USD 11.1m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 7.3m (2023: USD 9.0m, 2022: USD 0.7m).\u00b2\u207e Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments.\u00b3\u207e Commitments for pollution reduction installationsTORM has contractual rights to receive future payments as lessor of vessels on time charter and bareboat charter to customers.The following table summarizes the Group's contractual rights as of 31 December 2024.USDm 2025 2026 2027 2028 2029 Thereafter TotalContractual rights - as lessor:Charter hire income for vessels \u2075\u207e 67.8 26.2 11.9 \u2014 \u2014 \u2014 105.9 Total 67.8 26.2 11.9 \u2014 \u2014 \u2014 105.9 The following table summarizes the Group's contractual rights as of 31 December 2023USDm 2024 2025 2026 2027 2028 Thereafter TotalContractual rights - as lessor:Charter hire income for vessels \u2075\u207e 37.8 24.1 \u2014 \u2014 \u2014 \u2014 61.9 Total 37.8 24.1 \u2014 \u2014 \u2014 \u2014 61.9 The following table summarizes the Group's contractual rights as of 31 December 2022USDm 2023 2024 2025 2026 2027 Thereafter TotalContractual rights - as lessor:Charter hire income for vessels \u2075\u207e 2.1 \u2014 \u2014 \u2014 \u2014 \u2014 2.1 Total 2.1 \u2014 \u2014 \u2014 \u2014 \u2014 2.1 \u2075\u207e Charter hire income for vessels on time charter is recognized under \"Revenue\". During the years revenue from time charter amounted to 145.6m (2023: 43.8m, 2022: 64.7m).The average period until redelivery of the vessels for the period ended 31 December 2024 was 1.8 years (2023: 1.6 years, 2022: 0.4 years).",
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"value": "Accounting policiesTORM 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. 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 the Company or over the lease period depending on the lease terms.The corresponding lease obligation is recognized as a liability in the balance sheet under \u201cBorrowings\u201d and initially measured at the present value of the lease payments that are not paid at the commencement date. The Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. Subsequently lease liabilities are measured at amortized cost using the effective interest method, where the lease liabilities are remeasured when there is a change in future lease payments. 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.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 \u201cBorrowings\u201d. No gain or loss is recorded, and the asset remains recognized on the balance sheet under Vessels and capitalized dry-docking.",
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"value": "NOTE 12 \u2013 IMPAIRMENT TESTINGThe Management of TORM has assessed that TORM has two CGUs being the Main Fleet and the Marine Engineering cash-generating unit, following the acquisition of Marine Exhaust Technology A/S in 2022 and the disposal of the two remaining Handysize vessel in 2022.The Main Fleet is comprised of TORM\u2019s LR1, LR2 and MR vessels, which 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 location of vessels meeting required specifications. All vessels in the Main Fleet can handle multiple sizes of refined oil cargos and sail all seas and oceans, over both short and long distances. Given the technical specifications and capacity of the vessels, the Main Fleet is relatively homogenous with a very high degree of interoperability. The Main Fleet includes the 2021 acquired MR vessels with chemical trading capability, which are operated as all other product tanker vessels.The Marine Engineering segment represent a single CGU because cash inflows are generated independent of the cash inflows from the Main Fleet from serving the existing external customer base of the Marine Engineering segment.As of 31 December 2024, the Management tested the carrying amount of Marine Engineering investment for impairment as further set out below. Tanker SegmentAs of 31 December 2024, the Management has assessed indicators of impairment that include, but are not limited to, broker vessel values, time charter rates, weighted average cost of capital, any other adverse impacts from current economic, environmental, and geopolitical uncertainty, as well as the carrying amount of the net assets against the market capitalization. Vessel values from two internationally recognized shipbrokers were on average 26.0% above the carrying value of the vessels in the Main Fleet CGU, supporting the carrying amount. Consequently, the Management did not determine the recoverable amount of the CGU as no indicators were identified.As of 31 December 2023 and 31 December 2022, the assessment of the recoverable amount of the Main Fleet was based on the fair value less cost of disposal. Excess values (recoverable Recoverable amountamount less carrying amount) \u00b9\u207e2024 2023 2022 2024 2023 2022CGU USDm USDm USDm USDm USDm USDmMain Fleet \u00b2\u207e N/A 3,495.0 2,647.0 N/A 952.1 784.0 Total N/A 3,495.0 2,647.0 N/A 952.1 784.0 \u00b9\u207e Included in the excess value is the outstanding installments for purchased not delivered vessels.\u00b2\u207e No impairment losses and reversals was incurred in 2024, 2023 and 2022.31 December 2024As noted above, the recoverable amount of the Main Fleet CGU was not determined as no indicators of impairment were identified. Additionally, no impairment was recognized during 2024 in connection with disposal of individual vessels as set out in Note 10.31 December 2023As of 31 December 2023, the assessment of the recoverable amount of the Main Fleet is based on the fair value less cost of disposal of the vessels. The recoverable amount of the Main Fleet as of 31 December 2023 amounts to USD 3,495m, and is based on the market approach which considers the valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels. The shipbrokers\u2019 primary input is deadweight tonnage, yard, and age of the vessel. The fair value assumes that the vessels are in good and seaworthy condition and with prompt, charter-free delivery. The fair value less costs of disposal of the vessels is determined to be within Level 3 of the fair value hierarchy.We have assessed the impact from climate changes and the potential adverse impact on vessel values, however, no specific adjustments in this respect have been reflected in the impairment testing of the Main Fleet given the recoverable amount has been based on the fair value less costs of disposal. Further discussion can be found in the Audit Committee Report, page 102 and TCFD pages 87-89 in the Annual Report for 2023. We continue to monitor the development closely, and we continuously work 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.Based on this review, the Management concluded that as of 31 December 2023 assets within the Main Fleet were not impaired as fair value less costs of disposal exceeded the carrying amount by USD 952m.No impairment was recognized during 2023 in connection with disposal of individual vessels as set out in Note 8 in the Annual Report 2023.31 December 2022As of 31 December 2022, the assessment of the recoverable amount of the Main Fleet is based on the fair value less cost of disposal of the vessels. The recoverable amount of the Main Fleet as of 31 December 2022 amounts to USD 2,647m, and is based on the market approach which considers the valuations from two internationally acknowledged shipbrokers with appropriate qualifications and recent experience in the valuation of vessels. The shipbrokers\u2019 primary input is deadweight tonnage, yard, and age of the vessel. The fair value assumes that the vessels are in good and seaworthy condition and with prompt, charter-free delivery. The fair value less costs of disposal of the vessels is determined to be within Level 3 of the fair value hierarchy.We have assessed the impact from climate changes and the potential adverse impact on vessel values, however, no specific adjustments in this respect have been reflected in the impairment testing of the Main Fleet given the recoverable amount has been based on the fair value less costs of disposal. Further discussion can be found in the Audit Committee Report, page 91 and TCFD pages 75-77 in the Annual Report for 2022. We continue to monitor the development closely, and we continuously work 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.Based on this review, the Management concluded that as of 31 December 2022 assets within the Main Fleet were not impaired as fair value less costs of disposal exceeded the carrying amount by USD 784m. Impairments recognized during 2022 of USD 2.7m (2021: USD 4.6m) as set out in Note 8 of the 2022 Annual Report relate to the disposal of individual vessels during the year. The recoverable amount of the vessels was based on fair value less costs of disposal, which amounted to USD 31.8m. The fair value was based on sales price less transaction costs (fair value hierarchy Level 2).Marine Engineering SegmentMarine Exhaust Technology A/S was acquired in 2022 which was also the first year the impairment testing was performed.31 December 2024As of 31 December 2024, the assessment of the recoverable amount of the Marine Engineering cash-generating unit is based on value in use. The result of the impairment test showed an excess value of USD 28.6m compared to the carrying amount. No impairment of goodwill was recognized as of 31 December 2024.Key assumptions used in the determination of value in useThe value in use is calculated based on future cash flows using a five-year budget period from 2025-2029. The future cash flows are based on the budget for 2025, assuming no growth in sales. Cost of goods sold is calculated using the gross margins from the 2025 budget. The gross margins are assumed to be constant in the budget period. Operating costs are based on the 2025 budget and are being inflated in the forecast period with the assumed inflation rates of 2% - 3% p.a. Cash levels are assumed constant in the forecast period, investments in non-current assets are USD 0.2m in 2025 and zero afterwards, and lastly, leasing liabilities are assumed constant. The terminal value extending beyond 2029 are based on a continuation of before mentioned parameters.The discount rate used in the value in use calculation was based on a Weighted Average Cost of Capital (WACC) of 7.4% as of 31 December 2024. The WACC was calculated by using a standard WACC model in which cost of equity, cost of debt and capital structure were the key parameters.The impairment test was sensitive to reasonably possible changes in the key assumptions, which may result in future impairments. These were related to the future development in sales across all revenue segments. All other things being equal, the sensitivities to the value in use have been assessed as follows:\u2022 An increase/decrease in the total sales of 10.0% from 2025 and onwards would result in an increase/decrease in the value in use of USD 13.3m. 31 December 2023As of 31 December 2023, the assessment of the recoverable amount of the Marine Engineering cash-generating unit is based on value in use. The result of the impairment test showed an excess value of USD 9.8m compared to the carrying amount. No impairment of goodwill was recognized as of 31 December 2023.Key assumptions used in the determination of value in useThe value in use is calculated based on future cash flows using a five-year budget period from 2024-2028. The future cash flows are based on the budget for 2024, assuming no growth in sales. Cost of goods sold is calculated using the gross margins from the 2024 budget. The gross margins are assumed to be constant in the budget period. Operating costs are based on the 2024 budget and are being inflated in the forecast period with the assumed inflation rates of 2% - 3% p.a. Cash levels are assumed constant in the forecast period, investments in non-current assets are USD 0.1m in 2024 and zero afterwards, and lastly, leasing liabilities are assumed constant. The terminal value extending beyond 2028 are based on a continuation of before mentioned parameters.The discount rate used in the value in use calculation was based on a Weighted Average Cost of Capital (WACC) of 8.8% as of 31 December 2023. The WACC was calculated by using a standard WACC model in which cost of equity, cost of debt and capital structure were the key parameters.The impairment test was sensitive to reasonably possible changes in the key assumptions, which may result in future impairments. These were related to the future development in sales across all revenue segments. All other things being equal, the sensitivities to the value in use have been assessed as follows:\u2022 An increase/decrease in the total sales of 10.0% from 2024 and onwards would result in an increase/decrease in the value in use of USD 12.1m. 31 December 2022As of 31 December 2022, the assessment of the recoverable amount of the Marine Engineering cash-generating unit is based on value in use. The result of the impairment test showed an excess value of USD 3.2m compared to the carrying amount. No impairment of goodwill was recognized as of 31 December 2022.Key assumptions used in the determination of value in useThe value in use is calculated based on future cash flows using a five-year budget period from 2023-2027. The future cash flows are based on the budget for 2023, assuming zero growth in sales. Cost of goods sold is calculated using the gross margins from the 2023 budget. The gross margins are assumed to be constant in the budget period. Operating costs are based on the 2023 budget and are being inflated in the forecast period with the assumed inflation rates of 2% - 3% p.a. Cash levels are assumed constant in the forecast period, investments in non-current assets are USD 0.3m in 2023 and zero afterwards, and lastly, leasing liabilities are assumed constant. The terminal value extending beyond 2027 are based on a continuation of before mentioned parameters.The discount rate used in the value in use calculation was based on a Weighted Average Cost of Capital (WACC) of 10.8% as of 31 December 2022. The WACC was calculated by using a standard WACC model in which cost of equity, cost of debt and capital structure were the key parameters.The impairment test was sensitive to reasonably possible changes in the key assumptions, which may result in future impairments. These were related to the future development in sales across all revenue segments. All other things being equal, the sensitivities to the value in use have been assessed as follows:\u2022 An increase/decrease in the total sales of 10.0% from 2023 and onwards would result in an increase/decrease in the value in use of USD 3.8m. Accounting PoliciesImpairment of assetsNon-current assets are reviewed at the reporting date to determine any indication of impairment including a significant decline in either the assets\u2019 market value, increase in market rates of return, or in the cash flows expected to be generated by the fleet. At least annually, or if impairment indicator(s) exists, an impairment test on a CGU level will be performed. A CGU is determined as the smallest group of assets that generates independent cash inflows. An asset/CGU is impaired if the recoverable amount is below the carrying amount. The recoverable amount of the CGU is estimated as the higher of fair value less costs of disposal and value in use. The value in use is the present value of the future cash flows expected to be derived from a CGU, 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. Where an impairment loss subsequently reverses, the carrying amount of the CGU 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.For the purpose of assessing impairment, assets, time charter and bareboat contracts are grouped at the lowest levels at which impairment is monitored for internal management purposes.",
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"value": "NOTE 13 \u2013 LOAN RECEIVABLESUSDm 2024 2023 2022Loan receivablesCost:Balance as of 01 January 4.7 4.7 4.7 Balance as of 31 December 4.7 4.7 4.7 Expected credit loss:Balance as of 01 January 0.2 0.1 0.1 Additions during the year \u2014 0.1 \u2014 Balance as of 31 December 0.2 0.2 0.1 Carrying amount as of 31 December 4.5 4.5 4.6 The loans were issued as part of sale and lease back transactions in 2019 for two MR vessels. The loans will mature in 2026 and have an interest rate applicable fixed at 1% per annum.Expected credit loss is recognized based on the 12-month expected credit losses.Accounting PoliciesLoan receivablesLoan receivables are initially recognized on the balance sheet as fair value less transaction costs. After initial recognition, loan receivables are measured at amortized cost. Amortized cost is defined as the amount initially recognized reduced by principal repayments and allowances for the expected credit loss (ECL).",
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"value": "Accounting PoliciesLoan receivablesLoan receivables are initially recognized on the balance sheet as fair value less transaction costs. After initial recognition, loan receivables are measured at amortized cost. Amortized cost is defined as the amount initially recognized reduced by principal repayments and allowances for the expected credit loss (ECL).",
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"value": "NOTE 14 \u2013 INVENTORIESUSDm 2024 2023 2022Bunkers 46.1 49.3 52.8 Lubeoil 10.9 8.5 8.3 EU Emission Allowances 5.6 0.2 \u2014 Other 5.8 3.7 10.9 Balance as of 31 December 68.4 61.7 72.0 During 2024, bunker inventories of USD 278.2m (2023:USD 272.4m, 2022: USD 295.5m) were recognized as an expense in Port expenses, bunkers, commissions, and other cost of goods and services sold.During 2024, lubeoil inventories of USD 8.1m (2023: USD 7.5m, 2022: USD 6.4m) were recognized as an expense in Operating expenses.During 2024, EU Emission Allowances inventories of USD 5.0m (2023: USD 0.0m, 2022: USD 0.0m) were recognized as an expense in Port expenses, bunkers, commissions, and other cost of goods and services sold.During 2024, other inventories of USD 9.3m (2023: USD 22.7m, 2022: USD 0.6m) were recognized as an expense in Port expenses, bunkers, commissions, and other cost of goods and services sold. Accounting Policies Inventories consist of bunkers, lubeoil, EU Emission Allowances and other inventories.Bunkers, lubeoil and other inventories are stated at the lower of cost in accordance with the FIFO-principle and net realizable value. Cost of bunkers and lubeoil includes expenditure incurred in acquiring bunkers and lubeoil including delivery costs less discounts. The cost of other inventories consists of raw materials and components based on direct costs, direct payroll costs and a proportionate share of indirect production costs. Indirect production costs include the proportionate share of capacity costs directly relating hereto, which are allocated on the basis of the normal capacity of the production facility .At 01 January 2024, the EU Emission Trading System was extended to maritime transport emissions, where shipping companies must surrender allowances to cover emissions related to EU port calls. EU Emission Allowances are purchased in connection with TORM's cargo transportation only, similar to a tax on purchase of bunkers. TORM has no intention of selling or trading the allowances.In the absence of any specific IFRS standards or IFRIC interpretations on accounting for emission rights of carbon dioxide generated as part of the EU Emission Trading scheme (EU ETS), and considering the above, EU Emission Allowances are treated similar to bunker inventories. The following policies are applied for EU Emission Allowances: \u2022 The emission rights are considered as a part of the bunker consumption for the delivery of transportation services and thus recognized as inventories at their acquisition cost. \u2022 As these allowances are utilized during the voyage, the carrying amount of these allowances are recognized as an expense against a liability in the period in which the associated revenue is recognized.",
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"value": "Accounting Policies Inventories consist of bunkers, lubeoil, EU Emission Allowances and other inventories.Bunkers, lubeoil and other inventories are stated at the lower of cost in accordance with the FIFO-principle and net realizable value. Cost of bunkers and lubeoil includes expenditure incurred in acquiring bunkers and lubeoil including delivery costs less discounts. The cost of other inventories consists of raw materials and components based on direct costs, direct payroll costs and a proportionate share of indirect production costs. Indirect production costs include the proportionate share of capacity costs directly relating hereto, which are allocated on the basis of the normal capacity of the production facility .At 01 January 2024, the EU Emission Trading System was extended to maritime transport emissions, where shipping companies must surrender allowances to cover emissions related to EU port calls. EU Emission Allowances are purchased in connection with TORM's cargo transportation only, similar to a tax on purchase of bunkers. TORM has no intention of selling or trading the allowances.In the absence of any specific IFRS standards or IFRIC interpretations on accounting for emission rights of carbon dioxide generated as part of the EU Emission Trading scheme (EU ETS), and considering the above, EU Emission Allowances are treated similar to bunker inventories. The following policies are applied for EU Emission Allowances: \u2022 The emission rights are considered as a part of the bunker consumption for the delivery of transportation services and thus recognized as inventories at their acquisition cost. \u2022 As these allowances are utilized during the voyage, the carrying amount of these allowances are recognized as an expense against a liability in the period in which the associated revenue is recognized.",
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"f1__s8__7__207-1": {
"value": "NOTE 15 \u2013 TRADE RECEIVABLESUSDm 2024 2023 2022Analysis as of 31 December of trade receivables:Gross trade receivables:Not due 73.0 97.5 122.3 Due < 30 days 32.0 42.6 52.1 Due between 30 and 180 days 82.6 62.4 76.8 Due > 180 days 6.3 19.2 18.9 Total gross 193.9 221.7 270.1 Allowance for expected credit loss 10.0 10.7 10.6 Total net 183.9 211.0 259.5 The Management makes allowances for expected credit losses based on \u201cthe simplified approach\u201d according to IFRS 9 to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. As a result of improved collection efforts and decreased losses on trade receivables, the Management reassessed the accounting estimates included in the expected credit loss allowance matrix during 2024. The outcome of the reassessment resulted in an updated allowance matrix, reversing allowances of USD 5.9m in 2024.Expected credit loss for receivables overdue 180 days or less is 0%-3%, depending on the category of the receivable. Expected credit loss for receivables overdue more than 180 days is 10%-100%, depending on the category of the receivable. Expected credit loss for receivables overdue more than one year is 50%-100%, also depending on the category of the receivable. For all \u201clegal\u201d cases, allowances of 100% are made.Movements in provisions for impairment of trade receivables during the year are as follows:USDm 2024 2023 2022Allowance for expected credit lossBalance as of 01 January 10.7 10.6 4.7 Provisions for the year 5.8 3.3 6.5 Provisions reversed during the year -6.5 -3.2 -0.6 Balance as of 31 December 10.0 10.7 10.6 Allowance for expected credit loss of trade receivables has been recognized in the income statement under \u201cPort expenses, bunkers, commissions, and other costs of goods sold\u201d.Allowance for expected credit loss of trade receivables is calculated using an aging factor as well as specific customer knowledge and is based on a provision matrix on days past due.Accounting PoliciesReceivablesOutstanding trade receivables and other receivables which are expected to be realized within 12 months from the balance sheet date are classified as \u201cTrade receivables\u201d or \u201cOther receivables\u201d and presented as current assets.Receivables are, at initial recognition, measured at their transaction price less allowance for expected credit losses over the lifetime of the receivable and are subsequently measured at amortized cost adjusted for changes in expected credit losses. Derivative financial instruments included in other receivables are measured at fair value.Expected credit lossesExpected credit losses are, at initial recognition, determined using an ageing factor as well as a specific customer knowledge such as customers\u2019 ability to pay, considering historical information about payment patterns, credit risks, customer concentrations, customer creditworthiness as well as prevailing economic conditions. The estimates are updated subsequently, and if the debtor\u2019s ability to pay is becoming doubtful, expected credit losses are calculated on an individual basis. When there are no reasonable expectations of recovering the carrying amount, the receivable is written off in part or entirely.NOTE 16 \u2013 OTHER RECEIVABLESUSDm 2024 2023 2022Derivative financial instruments 33.0 37.6 55.3 Escrow accounts 1.4 14.9 14.9 Vessel sale 18.9 \u2014 \u2014 Other 6.3 8.0 3.8 Balance as of 31 December 59.6 60.5 74.0 No significant other receivables are past due or credit impaired. The carrying amount is a reasonable approximation of fair value due to the short-term nature of the receivables. Please refer to Note 26 for further information on fair value hierarchies.NOTE 26 \u2013 FINANCIAL INSTRUMENTSObservable inputFinancial instruments Financial instruments Categories of financial assets and liabilities (USDm):(Level 2)measured at fair valuemeasured at amortized cost Total carrying value2024Financial assets Loan receivables\u00b9\u207e \u2014 \u2014 4.5 4.5Trade receivables\u00b9\u207e \u2014 \u2014 183.9 183.9Other receivables 33.0 33.0 26.6 59.6Cash and cash equivalents, including restricted cash\u00b9\u207e \u2014 \u2014 291.2 291.2Total 33.0 33.0 506.2 539.2Financial liabilitiesBorrowings\u00b9\u207e\u00b2\u207e \u2014 \u2014 1,226.3 1,226.3Other non-current liabilities \u2014 \u2014 2.9 2.9Trade payables\u00b9\u207e \u2014 \u2014 50.0 50.0Other liabilities\u00b9\u207e 2.5 2.5 58.8 61.3Total 2.5 2.5 1,338.0 1,340.52023Financial assetsLoan receivables\u00b9\u207e \u2014 \u2014 4.5 4.5Trade receivables\u00b9\u207e \u2014 \u2014 211.0 211.0Other receivables 37.6 37.6 22.9 60.5Cash and cash equivalents, including restricted cash\u00b9\u207e \u2014 \u2014 295.6 295.6Total 37.6 37.6 534.0 571.6Financial liabilitiesBorrowings\u00b9\u207e\u00b2\u207e \u2014 \u2014 1,059.6 1,059.6Other non-current liabilities \u2014 \u2014 3.0 3.0Trade payables\u00b9\u207e \u2014 \u2014 43.1 43.1Other liabilities\u00b9\u207e 2.8 2.8 42.4 45.2Total 2.8 2.8 1,148.1 1,150.9Observable Financial instruments Financial instruments Categories of financial assets and liabilities (USDm):input (Level 2)measured at fair valuemeasured at amortized cost Total carrying value2022Financial assetsLoan receivables\u00b9\u207e \u2014 \u2014 4.6 4.6Trade receivables\u00b9\u207e \u2014 \u2014 259.5 259.5Other receivables 55.3 55.3 18.7 74.0Cash and cash equivalents, including restricted cash\u00b9\u207e \u2014 \u2014 323.8 323.8Total 55.3 55.3 606.6 661.9Financial liabilitiesBorrowings\u00b9\u207e\u00b2\u207e \u2014 \u2014 966.9 966.9Other non-current liabilities \u2014 \u2014 3.0 3.0Trade payables\u00b9\u207e \u2014 \u2014 48.5 48.5Other liabilities\u00b9\u207e 1.9 1.9 29.2 31.1Total 1.9 1.9 1,047.6 1,049.5\u00b9\u207e Due to the short maturity, the carrying value is considered to be an appropriate expression of the fair value.\u00b2\u207e See Note 21.\u00b3\u207e Derivative financial instruments are presented in the balance sheet line \"Other receivables\" and \"Other liabilities\".Fair value hierarchy for financial instruments measured at fair value in the balance sheetBelow, please find the fair value hierarchy for financial instruments measured at fair value in the balance sheet. The financial instruments in question are grouped into levels 1 to 3 based on the degree to which the fair value is observable.\u2022 Level 2 fair value measurements are those derived from input other than quoted prices included in Level 1 which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices)Methods and assumptions in determining fair value of financial instrumentsDerivative part of other receivables and other liabilitiesThe fair value of derivatives in other receivables and other liabilities is measured using accepted valuation methods with input variables such as yield curves, forward curves, spreads, etc. and compared to financial counterparties to ensure acceptable valuations. The valuation methods discount the future fixed and estimated cash flows and valuation of any option elements.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__209": {
"value": "Accounting PoliciesReceivablesOutstanding trade receivables and other receivables which are expected to be realized within 12 months from the balance sheet date are classified as \u201cTrade receivables\u201d or \u201cOther receivables\u201d and presented as current assets.Receivables are, at initial recognition, measured at their transaction price less allowance for expected credit losses over the lifetime of the receivable and are subsequently measured at amortized cost adjusted for changes in expected credit losses. Derivative financial instruments included in other receivables are measured at fair value.Expected credit lossesExpected credit losses are, at initial recognition, determined using an ageing factor as well as a specific customer knowledge such as customers\u2019 ability to pay, considering historical information about payment patterns, credit risks, customer concentrations, customer creditworthiness as well as prevailing economic conditions. The estimates are updated subsequently, and if the debtor\u2019s ability to pay is becoming doubtful, expected credit losses are calculated on an individual basis. When there are no reasonable expectations of recovering the carrying amount, the receivable is written off in part or entirely.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__211": {
"value": "NOTE 17 \u2013 PREPAYMENTSUSDm 2024 2023 2022Prepaid operating expenses 1.7 1.2 \u2014 Prepaid bareboat hire 2.8 0.8 3.0 Prepaid customer contract assets 2.4 2.5 3.0 Other prepayments 5.3 10.7 4.4 Balance as of 31 December 12.2 15.2 10.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s8__7__213": {
"value": "NOTE 18 \u2013 COMMON SHARES AND TREASURY SHARESCommon shares 2024 2023 2022Nominal value per share Number of Number of Number of (USD)sharessharessharesA-shares 0.01 97,814,051 86,225,684 82,311,299 B-shares 0.01 1 1 1 C-shares 0.01 1 1 1 Total 97,814,053 86,225,686 82,311,301 During the year, the share capital was increased by 11,588,367 A-shares with a nominal value of USD 115,883.67. The total amount including share premium amounted to USD 331.7m. USD 319.2m was non-cash increases in conjunction with the acquisition of the 19 vessels, and USD 12.5m was contributed in cash in connection with exercises of Restricted Share Units. During 2023, the share capital was increased by 3,914,385 A-shares with a nominal value of USD 39,143.90.The total amount including share premium amounted to USD 92.7m. USD 86.5m was a non-cash increase in conjunction with the acquisition of the five vessels, and USD 6.2m was contributed in cash in connection with exercises of Restricted Share Units.During 2022, the share capital was increased by 1,078,030 A-shares with a nominal value of USD 10,780.30 in connection with exercise of Restricted Share Units leading to a total cash contribution of USD 8.0m. The A-shares are listed on Nasdaq in Copenhagen and Nasdaq in New York and are publicly available for trading. Each A-share carries one vote at the General Meetings and gives the shareholders the right to dividends, liquidation proceeds, or other distributions. The A-shares carry no other rights or obligations. The B-share has one vote at the General Meetings, has no pre-emption rights in relation to any issue of new shares of other classes, and carries no right to receive dividends, liquidation proceeds, or other distributions from TORM. The holder of the B-share has the right to elect one member to the Board of Directors (being the Deputy Chairman), up to three alternates as well as one Board Observer. The B-share cannot be transferred or pledged, except for a transfer to a replacement trustee.The C-share represents 350,000,000 votes at the General Meetings in respect of certain Specified Matters, including election of members to the Board of Directors (including the Chairman, but excluding the Deputy Chairman) and certain amendments to the Articles of Association proposed by the Board of Directors. The C-share has no pre-emption rights in relation to any issue of new shares of other classes and carries no right to receive dividends, liquidation proceeds, or other distributions from TORM. The C-share cannot be transferred or pledged, except to an affiliate of Njord Luxco.The B-share and the C-share are redeemable by TORM in the event that (i) TORM has received written notification from Njord Luxco (or its affiliates) that Njord Luxco and its affiliates (as defined in the Articles of Association) hold less than 1/3 in aggregate of TORM\u2019s issued and outstanding shares, (ii) 5 business days have elapsed from the Board of Directors\u2019 receipt of such written notice either without any Board member disputing such notice or with at least 2/3 of the Board members confirming such notice, and (iii) both of the B-share and the C-share are redeemed at the same time.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__212": {
"value": "NOTE 18 \u2013 COMMON SHARES AND TREASURY SHARESCommon shares 2024 2023 2022Nominal value per share Number of Number of Number of (USD)sharessharessharesA-shares 0.01 97,814,051 86,225,684 82,311,299 B-shares 0.01 1 1 1 C-shares 0.01 1 1 1 Total 97,814,053 86,225,686 82,311,301 During the year, the share capital was increased by 11,588,367 A-shares with a nominal value of USD 115,883.67. The total amount including share premium amounted to USD 331.7m. USD 319.2m was non-cash increases in conjunction with the acquisition of the 19 vessels, and USD 12.5m was contributed in cash in connection with exercises of Restricted Share Units. During 2023, the share capital was increased by 3,914,385 A-shares with a nominal value of USD 39,143.90.The total amount including share premium amounted to USD 92.7m. USD 86.5m was a non-cash increase in conjunction with the acquisition of the five vessels, and USD 6.2m was contributed in cash in connection with exercises of Restricted Share Units.During 2022, the share capital was increased by 1,078,030 A-shares with a nominal value of USD 10,780.30 in connection with exercise of Restricted Share Units leading to a total cash contribution of USD 8.0m. The A-shares are listed on Nasdaq in Copenhagen and Nasdaq in New York and are publicly available for trading. Each A-share carries one vote at the General Meetings and gives the shareholders the right to dividends, liquidation proceeds, or other distributions. The A-shares carry no other rights or obligations. The B-share has one vote at the General Meetings, has no pre-emption rights in relation to any issue of new shares of other classes, and carries no right to receive dividends, liquidation proceeds, or other distributions from TORM. The holder of the B-share has the right to elect one member to the Board of Directors (being the Deputy Chairman), up to three alternates as well as one Board Observer. The B-share cannot be transferred or pledged, except for a transfer to a replacement trustee.The C-share represents 350,000,000 votes at the General Meetings in respect of certain Specified Matters, including election of members to the Board of Directors (including the Chairman, but excluding the Deputy Chairman) and certain amendments to the Articles of Association proposed by the Board of Directors. The C-share has no pre-emption rights in relation to any issue of new shares of other classes and carries no right to receive dividends, liquidation proceeds, or other distributions from TORM. The C-share cannot be transferred or pledged, except to an affiliate of Njord Luxco.The B-share and the C-share are redeemable by TORM in the event that (i) TORM has received written notification from Njord Luxco (or its affiliates) that Njord Luxco and its affiliates (as defined in the Articles of Association) hold less than 1/3 in aggregate of TORM\u2019s issued and outstanding shares, (ii) 5 business days have elapsed from the Board of Directors\u2019 receipt of such written notice either without any Board member disputing such notice or with at least 2/3 of the Board members confirming such notice, and (iii) both of the B-share and the C-share are redeemed at the same time.Treasury shares 2024 2023 2022Number of shares ('000)Balance as of 01 January 493.4 493.4 493.4 Balance as of 31 December 493.4 493.4 493.4 2024 2023 2022Nominal value USD '000Balance as of 01 January 4.9 4.9 4.9 Balance as of 31 December 4.9 4.9 4.9 2024 2023 2022Percentage of share capitalBalance as of 01 January 0.6 % 0.6 % 0.6 %Dilution due to capital increases -0.1 % \u2014 % \u2014 %Balance as of 31 December 0.5 % 0.6 % 0.6 %As of 31 December 2024, the Company's holding of treasury shares represented 493,371 shares (2023: 493,371 shares, 2022: 493,371 shares) of USD 0.01 each at a total nominal value of USD 0.0m (2023: USD 0.0m, 2022: USD 0.0m) and a market value of USD 9.6m (2023: USD 14.9m, 2022: USD 14.0m).We plan to solicit the approval of our shareholders and apply for a court order from the Companies Court in England and Wales to effect the cancellation of 493,371 treasury shares that we purchased in share buybacks on Nasdaq Copenhagen A/S in 2016 and 2020. The cancellation of these treasury shares is intended to rectify the fact that these repurchases were not made in accordance with the UK Companies Act, which distinguishes between buybacks effected through \u201cmarket purchases\u201d and \u201coff-market purchases.\u201d We effected these buybacks under \u201cmarket purchase\u201d resolutions; however, for purposes of the UK Companies Act, Nasdaq Copenhagen A/S is an overseas exchange, making it ineligible for buybacks conducted under the \u201cmarket purchase\u201d provisions. The cancellation of the affected treasury shares will not affect the rights attached to, or result in any other change to, any of our other shares (or their nominal value).Restricted Share UnitsKey management participates in an LTIP program, which gives the right to buy TORM shares at a predefined share price. Please refer to note 5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__214": {
"value": "Treasury shares 2024 2023 2022Number of shares ('000)Balance as of 01 January 493.4 493.4 493.4 Balance as of 31 December 493.4 493.4 493.4 2024 2023 2022Nominal value USD '000Balance as of 01 January 4.9 4.9 4.9 Balance as of 31 December 4.9 4.9 4.9 2024 2023 2022Percentage of share capitalBalance as of 01 January 0.6 % 0.6 % 0.6 %Dilution due to capital increases -0.1 % \u2014 % \u2014 %Balance as of 31 December 0.5 % 0.6 % 0.6 %As of 31 December 2024, the Company's holding of treasury shares represented 493,371 shares (2023: 493,371 shares, 2022: 493,371 shares) of USD 0.01 each at a total nominal value of USD 0.0m (2023: USD 0.0m, 2022: USD 0.0m) and a market value of USD 9.6m (2023: USD 14.9m, 2022: USD 14.0m).We plan to solicit the approval of our shareholders and apply for a court order from the Companies Court in England and Wales to effect the cancellation of 493,371 treasury shares that we purchased in share buybacks on Nasdaq Copenhagen A/S in 2016 and 2020. The cancellation of these treasury shares is intended to rectify the fact that these repurchases were not made in accordance with the UK Companies Act, which distinguishes between buybacks effected through \u201cmarket purchases\u201d and \u201coff-market purchases.\u201d We effected these buybacks under \u201cmarket purchase\u201d resolutions; however, for purposes of the UK Companies Act, Nasdaq Copenhagen A/S is an overseas exchange, making it ineligible for buybacks conducted under the \u201cmarket purchase\u201d provisions. The cancellation of the affected treasury shares will not affect the rights attached to, or result in any other change to, any of our other shares (or their nominal value).Restricted Share UnitsKey management participates in an LTIP program, which gives the right to buy TORM shares at a predefined share price. Please refer to note 5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s8__7__216": {
"value": "NOTE 19 \u2013 OTHER LIABILITIESUSDm 2024 2023 2022Accrued operating expenses 22.7 17.8 10.5 Accrued interest 11.3 2.1 3.6 Wages and social expenses 19.0 22.4 15.1 Accrued administration expenses 2.6 1.9 1.5 Derivative financial instruments 2.5 2.8 1.9 EU Emission Allowances 5.2 \u2014 \u2014 Other 0.9 1.2 1.5 Balance as of 31 December 64.2 48.2 34.1 Hereof non-current 2.9 3.0 3.0 Hereof current 61.3 45.2 31.1 The carrying amount is a reasonable approximation of fair value due to the short-term nature of the payable. Please refer to note 26 for further information on fair value hierarchies.Accounting PoliciesOther liabilities are generally measured at amortized cost. Derivative financial instruments included in other liabilities are measured at fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__218": {
"value": "Accounting PoliciesBorrowings consist of mortgage debt, bank loans, bonds and lease liabilities.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.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__220": {
"value": "NOTE 21 \u2013 COLLATERAL SECURITY FOR BORROWINGSThe total carrying amount of vessels which have been provided as security for borrowings amounts to USD 2,827m as of 31 December 2024 (2023: USD 2,070m, 2022: USD 1,856m), including transferred ownership under sale and leaseback arrangements accounted for as financing transactions, where the vessels are not derecognized and where vessels are provided as security for lease debt.USD 0.7m (2023: USD 0.7m, 2022: USD 0.7m) in floating charge in Marine Exhaust Technology A/S have been provided as security for loans to other lenders. USD 0.3m (2023: USD 0.4m, 2022: USD 0.4m) in floating charge in Marine Exhaust Technology A/S have been provided as security for loans to banks.In 2024 0 shares (2023: 10,500 shares, 2022: 10,500 shares) in ME Production A/S with a book value of zero (2023: USD 2.1m, 2022: USD 2.1m) have been provided as security for loans to the lenders of Marine Exhaust Technology A/S. USD 6.2m (2023: USD 6.6m, 2022: USD 6.4m) in floating charge in ME Production A/S with a book value of 7.4m (2023: USD 10.5m, 2022: USD 10.2m) have been provided as security for loans to banks.Please refer to Note 1 for further information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__223": {
"value": "NOTE 22 \u2013 GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIESThe guarantee commitments of the Group are less than USD 0.1m (2023: USD 0.1m, 2022: USD 0.1m) and relate to guarantee commitments to Danish Shipping.The Group is involved in certain other legal proceedings and disputes (refer to Note 31). It is the Management's opinion that the outcome of these proceedings and disputes will not have any material impact on the Group's financial position, results of operations, and cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__222": {
"value": "NOTE 22 \u2013 GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIESThe guarantee commitments of the Group are less than USD 0.1m (2023: USD 0.1m, 2022: USD 0.1m) and relate to guarantee commitments to Danish Shipping.The Group is involved in certain other legal proceedings and disputes (refer to Note 31). It is the Management's opinion that the outcome of these proceedings and disputes will not have any material impact on the Group's financial position, results of operations, and cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__221": {
"value": "NOTE 22 \u2013 GUARANTEE COMMITMENTS AND CONTINGENT LIABILITIESThe guarantee commitments of the Group are less than USD 0.1m (2023: USD 0.1m, 2022: USD 0.1m) and relate to guarantee commitments to Danish Shipping.The Group is involved in certain other legal proceedings and disputes (refer to Note 31). It is the Management's opinion that the outcome of these proceedings and disputes will not have any material impact on the Group's financial position, results of operations, and cash flows.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__225-1": {
"value": "NOTE 23 \u2013 CONTRACTUAL RIGHTS AND OBLIGATIONSThe following table summarizes the Group's contractual obligations as of 31 December 2024.USDm 2025 2026 2027 2028 2029 Thereafter TotalBorrowings \u00b9\u207e 167.9 166.2 132.8 118.1 488.2 170.1 1,243.3 Interest payments related to scheduled interest fixing 51.1 46.5 43.7 39.8 26.0 5.3 212.4 Estimated variable interest payments \u00b2\u207e 9.9 8.8 8.4 8.5 5.7 4.7 46.0 Committed scrubber installations \u00b3\u207e 11.9 1.1 7.9 2.1 \u2014 \u2014 23.0 Trade payables and other obligations 92.0 \u2014 \u2014 \u2014 \u2014 2.7 94.7 Total 332.8 222.6 192.8 168.5 519.9 182.8 1,619.4 The following table summarizes the Group's contractual obligations as of 31 December 2023.USDm 2024 2025 2026 2027 2028 Thereafter TotalBorrowings \u00b9\u207e 174.9 148.0 148.4 112.0 120.0 370.2 1,073.5 Interest payments related to scheduled interest fixing 41.0 32.5 26.7 24.5 19.5 18.4 162.6 Estimated variable interest payments \u00b2\u207e 6.3 5.3 6.1 6.2 7.5 8.9 40.3 Secondhand vessel commitments 190.4 \u2014 \u2014 \u2014 \u2014 \u2014 190.4 Committed scrubber installations \u00b3\u207e 23.6 \u2014 2.0 8.1 2.0 \u2014 35.7 Trade payables and other obligations 85.0 \u2014 \u2014 \u2014 \u2014 2.7 87.7 Total 521.2 185.8 183.2 150.8 149.0 400.2 1,590.2 The following table summarizes the Group's contractual obligations as of 31 December 2022.USDm 2023 2024 2025 2026 2027 Thereafter TotalBorrowings \u00b9\u207e 119.8 130.0 127.2 185.9 161.7 253.4 978.0 Interest payments related to scheduled interest fixing 34.8 30.6 24.7 18.0 14.1 22.1 144.3 Estimated variable interest payments \u00b2\u207e 3.3 1.6 2.5 2.2 5.5 11.1 26.2 Committed scrubber installations \u00b3\u207e 17.3 1.1 \u2014 \u2014 \u2014 \u2014 18.4 Trade payables and other obligations 81.6 \u2014 \u2014 \u2014 \u2014 2.5 84.1 Total 256.8 163.3 154.4 206.1 181.3 289.1 1,251.0 \u00b9\u207e The presented amounts to be repaid do not include directly related borrowing costs arising from the issuing of the loans of USD 17.0m (2023: USD 13.9m. 2022: USD 11.1m), which are amortized over the term of the loans. Borrowing costs capitalized during the year amount to USD 7.3m (2023: USD 9.0m, 2022: USD 0.7m).\u00b2\u207e Variable interest payments are estimated based on the forward rates for each interest period including hedging instruments.\u00b3\u207e Commitments for pollution reduction installationsTORM has contractual rights to receive future payments as lessor of vessels on time charter and bareboat charter to customers.The following table summarizes the Group's contractual rights as of 31 December 2024.USDm 2025 2026 2027 2028 2029 Thereafter TotalContractual rights - as lessor:Charter hire income for vessels \u2075\u207e 67.8 26.2 11.9 \u2014 \u2014 \u2014 105.9 Total 67.8 26.2 11.9 \u2014 \u2014 \u2014 105.9 The following table summarizes the Group's contractual rights as of 31 December 2023USDm 2024 2025 2026 2027 2028 Thereafter TotalContractual rights - as lessor:Charter hire income for vessels \u2075\u207e 37.8 24.1 \u2014 \u2014 \u2014 \u2014 61.9 Total 37.8 24.1 \u2014 \u2014 \u2014 \u2014 61.9 The following table summarizes the Group's contractual rights as of 31 December 2022USDm 2023 2024 2025 2026 2027 Thereafter TotalContractual rights - as lessor:Charter hire income for vessels \u2075\u207e 2.1 \u2014 \u2014 \u2014 \u2014 \u2014 2.1 Total 2.1 \u2014 \u2014 \u2014 \u2014 \u2014 2.1 \u2075\u207e Charter hire income for vessels on time charter is recognized under \"Revenue\". During the years revenue from time charter amounted to 145.6m (2023: 43.8m, 2022: 64.7m).The average period until redelivery of the vessels for the period ended 31 December 2024 was 1.8 years (2023: 1.6 years, 2022: 0.4 years).Liquidity risk TORM\u2019s strategy is to ensure continuous access to funding sources by maintaining a robust capital structure and a close relationship with several financial partners. As of 31 December 2024, TORM\u2019s loan portfolio was spread across 13 different banks.As of 31 December 2024, TORM maintains a liquidity reserve of USD 291.2m in cash and cash equivalents, including restricted cash, combined with USD 323.6m in undrawn and committed credit facilities. Cash is only placed in banks with an investment grade rating. For further information on contractual obligations, including a maturity analysis, please refer to Note 23.",
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"value": "NOTE 24 \u2013 DERIVATIVE FINANCIAL INSTRUMENTSPlease refer to Note 26 for further information on fair value hierarchies.USDm 2024 2023 2022Fair value of derivatives:Derivative financial instruments regarding freight and bunkers:Forward freight agreements \u2014 fair value through profit and loss 7.8 1.7 \u2014 Bunker swaps \u2014 fair value through profit and loss 0.3 -0.2 \u2014 Bunker swaps \u2014 hedge accounting 0.1 -0.5 \u2014 Derivative financial instruments regarding interest and currency exchange rate:Forward exchange contracts \u2014 hedge accounting -2.3 0.5 0.4 Interest rate swaps \u2014 hedge accounting 24.7 35.3 53.7 Fair value of derivatives as of 31 December 30.6 36.8 54.1 Derivative financial instruments are presented as below on the balance sheet:Financial Financial USDmassetsliabilities2024Offsetting financial assets and financial liabilities:Gross amount 32.9 -2.3 Offsetting amount \u2014 \u2014 Net amount presented in the balance sheet 32.9 -2.3 Financial Financial USDmassetsliabilities2023Offsetting financial assets and financial liabilities:Gross amount 37.7 -0.9 Offsetting amount -0.1 0.1 Net amount presented in the balance sheet 37.6 -0.8 Financial Financial USDmassetsliabilities2022Offsetting financial assets and financial liabilities:Gross amount 54.5 -0.4 Offsetting amount \u2014 \u2014 Net amount presented in the balance sheet 54.5 -0.4 Derivative financial instruments assets are offset against derivative financial instruments liabilities where the counterparty is identical, where TORM has legal right to offset and intends to settle on a net basis..Hedging of risks with derivative financial instruments is made with a ratio of 1:1 and where hedge items can be a portion of exposure. Sources of ineffectiveness are mainly derived from differences in timing and interest base rate. Any ineffective portions of the cash flow hedges are recognized in the income statement as financial items. Value adjustments of the effective part of cash flow hedges are recognized directly to other comprehensive income. Gains and losses on cash flow hedges are transferred upon realization from the hedging reserve into the income statement. FFAs are used to mitigate fluctuations in the freight rates of vessels with a duration of 0-24 months. The FFAs are not designated for hedge accounting.Forward exchange contracts with a fair value of USD -2.3m (net loss) are designated as hedge accounting relationships to hedge a part of TORM payments in 2025 regarding administrative and operating expenses denominated in DKK with a notional value of DKK 348.9m (2023: DKK, 325.5m 2022: DKK 280.3m).Interest rate swaps with a fair value of USD 24.7m (net gain) applying the USD Secured Overnight Financing Rate (\"SOFR\") compounded in arrears are designated as hedge accounting relationships to fix a part of TORM's interest payments during the period 2025-2032 with a notional value of USD 498.7m (2023: USD 923.0m, 2022: USD 687.2m).Bunker swaps with a fair value USD 0.1m (net gain) are designated as hedge accounting relationships and are used to reduce the exposure to fluctuations in bunker prices for fixed voyages denominated in MT with a notional value of MT 9,000 (2023: MT 9,600, 2022 MT 0).At year-end 2024, 2023, and 2022, TORM held the following derivative financial instruments designated as hedge accounting:Expected maturityNotional After 2024value Unit 2025 20262026Forward exchange contracts (USD/DKK) \u00b9\u207e 348.9 DKKm 348.9 Interest rate swaps \u00b2\u207e 498.7 USDm 134.5 95.2 268.9 Bunker swaps \u00b3\u207e 9,000.0 MT 9,000.0 \u2014 \u2014 \u00b9\u207e The average hedge of USD/DKK currency was 6.8\u00b2\u207e The average interest rate was 1.29% p.a. plus margin.\u00b3\u207e The average price of the hedging instruments was USD 391.0Hedge accounting Expected maturityNotional After 2023value Unit 2024 20252025Forward exchange contracts (USD/DKK) \u00b9\u207e 325.5 DKKm 325.5 \u2014 Interest rate swaps \u00b2\u207e 923.0 USDm 103.3 172.0 647.7 Bunker swaps \u00b3\u207e 9,600.0 MT 9,600.0 \u2014 \u2014 \u00b9\u207e The average hedge of USD/DKK currency was 6.8\u00b2\u207e The average interest rate was 1.45 p.a. plus margin.\u00b3\u207e The average price of the hedging instruments was USD 539.2Hedge accounting Expected maturityNotional After 2022value Unit 2023 20242024Forward exchange contracts (USD/DKK) \u00b9\u207e 280.3 DKKm 280.3 \u2014 \u2014 Interest rate swaps \u00b2\u207e 687.2 USDm 136.9 51.6 498.7 Bunker swaps \u00b3\u207e \u2014 MT \u2014 \u2014 \u2014 \u00b9\u207e The average hedge of USD/DKK currency was 6.9\u00b2\u207e The average interest rate was 1.37 p.a. plus margin.TORM only enters into interest derivatives under established ISDA agreements supported with or without credit support annexes with predefined credit thresholds.Cash collateral of USD 11.3m (2023: USD 27.9m, 2022: USD 1.4m) has been provided as security for the agreements relating to derivative financial instruments, which does not meet the offsetting criteria in IAS 32, but which can be offset against the net amount of the derivative asset and derivative liability in case of default, and insolvency, or bankruptcy in accordance with associated collateral arrangements.TORM did not enter into any enforceable netting arrangements.Further details on derivative financial instruments are provided in Notes 25 and 26.The table below shows realized amounts as well as fair value adjustments regarding derivative financial instruments recognized in the income statements and equity in 2024, 2023 and 2022.Income statement Other comprehensive income EquityPort expenses, Admini-Transfer to Hedging bunkers, and Financial Operating strative income Fair value reserves as of USDmcommissionsitemsexpensesexpensesstatementadjustment31 December2024Forward freight agreements 8.2 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Bunker swaps -0.1 \u2014 \u2014 \u2014 0.1 0.5 0.1 Forward exchange contracts \u2014 \u2014 -0.6 -0.5 1.1 -4.0 -2.3 Interest rate swaps \u2014 22.5 \u2014 \u2014 -20.9 10.5 23.7 Total 8.1 22.5 -0.6 -0.5 -19.7 7.0 21.5 2023Forward freight agreements 23.0 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Bunker swaps 1.0 \u2014 \u2014 \u2014 0.3 -0.8 -0.5 Forward exchange contracts \u2014 \u2014 \u2014 -0.1 0.1 0.1 0.5 Interest rate swaps \u2014 24.7 \u2014 \u2014 -22.3 3.7 34.1 Total 24.0 24.7 \u2014 -0.1 -21.9 3.0 34.1 2022Forward freight agreements -33.3 \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 Bunker swaps 13.8 \u2014 \u2014 \u2014 -3.3 3.3 \u2014 Forward exchange contracts \u2014 \u2014 -2.4 -2.3 4.6 -2.7 0.4 Interest rate swaps \u2014 3.2 \u2014 \u2014 0.4 54.3 52.6 Total -19.5 3.2 -2.4 -2.3 1.7 54.9 53.0 The hedging reserves as of 31 December relates to derivatives used for cash flow hedge for open hedging instruments, only. Certain interest rate swaps fair value change are considered ineffective and is recognized in \"Financial expenses\" in the income statement. Please refer to page 236 for a full overview of the fair value of hedge instruments.Please refer to Note 25 for further information on commercial and financial risks.Accounting PoliciesDerivative financial instruments and hedge accountingDerivative financial instruments, primarily forward currency exchange contracts, forward freight agreements, interest rate hedges, and forward contracts regarding bunker purchases are entered into to mitigate risks relating to future fluctuations in prices and interest rates, etc. on future committed or anticipated transactions. TORM applies hedge accounting under the specific rules on cash flow hedges, when appropriate, as described below for each type of derivative.Changes in the fair value of derivative financial instruments designated as cash flow hedges and deemed to be effective are recognized directly in \u201cOther comprehensive income\u201d. When the hedged transaction is recognized in the income statement, the cumulative value adjustment recognized in \u201cOther comprehensive income\u201d is transferred to the income statement and included in the same line as the hedged transaction. Portion of the changes in fair value deemed to be ineffective is recognized immediately in the income statement.Changes in the fair value of derivative financial instruments not designated as hedges are recognized in the income statement. While effectively reducing cash flow risk in accordance with the Company\u2019s 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 \u201cFinancial income\u201d or \u201cFinancial expenses\u201d for interest rate swaps and under \u201cPort expenses, bunkers and commissions\u201d for forward freight agreements and forward bunker contracts.NOTE 26 \u2013 FINANCIAL INSTRUMENTSObservable inputFinancial instruments Financial instruments Categories of financial assets and liabilities (USDm):(Level 2)measured at fair valuemeasured at amortized cost Total carrying value2024Financial assets Loan receivables\u00b9\u207e \u2014 \u2014 4.5 4.5Trade receivables\u00b9\u207e \u2014 \u2014 183.9 183.9Other receivables 33.0 33.0 26.6 59.6Cash and cash equivalents, including restricted cash\u00b9\u207e \u2014 \u2014 291.2 291.2Total 33.0 33.0 506.2 539.2Financial liabilitiesBorrowings\u00b9\u207e\u00b2\u207e \u2014 \u2014 1,226.3 1,226.3Other non-current liabilities \u2014 \u2014 2.9 2.9Trade payables\u00b9\u207e \u2014 \u2014 50.0 50.0Other liabilities\u00b9\u207e 2.5 2.5 58.8 61.3Total 2.5 2.5 1,338.0 1,340.52023Financial assetsLoan receivables\u00b9\u207e \u2014 \u2014 4.5 4.5Trade receivables\u00b9\u207e \u2014 \u2014 211.0 211.0Other receivables 37.6 37.6 22.9 60.5Cash and cash equivalents, including restricted cash\u00b9\u207e \u2014 \u2014 295.6 295.6Total 37.6 37.6 534.0 571.6Financial liabilitiesBorrowings\u00b9\u207e\u00b2\u207e \u2014 \u2014 1,059.6 1,059.6Other non-current liabilities \u2014 \u2014 3.0 3.0Trade payables\u00b9\u207e \u2014 \u2014 43.1 43.1Other liabilities\u00b9\u207e 2.8 2.8 42.4 45.2Total 2.8 2.8 1,148.1 1,150.9Observable Financial instruments Financial instruments Categories of financial assets and liabilities (USDm):input (Level 2)measured at fair valuemeasured at amortized cost Total carrying value2022Financial assetsLoan receivables\u00b9\u207e \u2014 \u2014 4.6 4.6Trade receivables\u00b9\u207e \u2014 \u2014 259.5 259.5Other receivables 55.3 55.3 18.7 74.0Cash and cash equivalents, including restricted cash\u00b9\u207e \u2014 \u2014 323.8 323.8Total 55.3 55.3 606.6 661.9Financial liabilitiesBorrowings\u00b9\u207e\u00b2\u207e \u2014 \u2014 966.9 966.9Other non-current liabilities \u2014 \u2014 3.0 3.0Trade payables\u00b9\u207e \u2014 \u2014 48.5 48.5Other liabilities\u00b9\u207e 1.9 1.9 29.2 31.1Total 1.9 1.9 1,047.6 1,049.5\u00b9\u207e Due to the short maturity, the carrying value is considered to be an appropriate expression of the fair value.\u00b2\u207e See Note 21.\u00b3\u207e Derivative financial instruments are presented in the balance sheet line \"Other receivables\" and \"Other liabilities\".Fair value hierarchy for financial instruments measured at fair value in the balance sheetBelow, please find the fair value hierarchy for financial instruments measured at fair value in the balance sheet. The financial instruments in question are grouped into levels 1 to 3 based on the degree to which the fair value is observable.\u2022 Level 2 fair value measurements are those derived from input other than quoted prices included in Level 1 which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices)Methods and assumptions in determining fair value of financial instrumentsDerivative part of other receivables and other liabilitiesThe fair value of derivatives in other receivables and other liabilities is measured using accepted valuation methods with input variables such as yield curves, forward curves, spreads, etc. and compared to financial counterparties to ensure acceptable valuations. The valuation methods discount the future fixed and estimated cash flows and valuation of any option elements.",
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"value": "Accounting PoliciesDerivative financial instruments and hedge accountingDerivative financial instruments, primarily forward currency exchange contracts, forward freight agreements, interest rate hedges, and forward contracts regarding bunker purchases are entered into to mitigate risks relating to future fluctuations in prices and interest rates, etc. on future committed or anticipated transactions. TORM applies hedge accounting under the specific rules on cash flow hedges, when appropriate, as described below for each type of derivative.Changes in the fair value of derivative financial instruments designated as cash flow hedges and deemed to be effective are recognized directly in \u201cOther comprehensive income\u201d. When the hedged transaction is recognized in the income statement, the cumulative value adjustment recognized in \u201cOther comprehensive income\u201d is transferred to the income statement and included in the same line as the hedged transaction. Portion of the changes in fair value deemed to be ineffective is recognized immediately in the income statement.Changes in the fair value of derivative financial instruments not designated as hedges are recognized in the income statement. While effectively reducing cash flow risk in accordance with the Company\u2019s 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 \u201cFinancial income\u201d or \u201cFinancial expenses\u201d for interest rate swaps and under \u201cPort expenses, bunkers and commissions\u201d for forward freight agreements and forward bunker contracts.",
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"f1__s8__7__228": {
"value": "Accounting PoliciesDerivative financial instruments and hedge accountingDerivative financial instruments, primarily forward currency exchange contracts, forward freight agreements, interest rate hedges, and forward contracts regarding bunker purchases are entered into to mitigate risks relating to future fluctuations in prices and interest rates, etc. on future committed or anticipated transactions. TORM applies hedge accounting under the specific rules on cash flow hedges, when appropriate, as described below for each type of derivative.Changes in the fair value of derivative financial instruments designated as cash flow hedges and deemed to be effective are recognized directly in \u201cOther comprehensive income\u201d. When the hedged transaction is recognized in the income statement, the cumulative value adjustment recognized in \u201cOther comprehensive income\u201d is transferred to the income statement and included in the same line as the hedged transaction. Portion of the changes in fair value deemed to be ineffective is recognized immediately in the income statement.Changes in the fair value of derivative financial instruments not designated as hedges are recognized in the income statement. While effectively reducing cash flow risk in accordance with the Company\u2019s 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 \u201cFinancial income\u201d or \u201cFinancial expenses\u201d for interest rate swaps and under \u201cPort expenses, bunkers and commissions\u201d for forward freight agreements and forward bunker contracts.",
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"value": "Accounting PoliciesDerivative financial instruments and hedge accountingDerivative financial instruments, primarily forward currency exchange contracts, forward freight agreements, interest rate hedges, and forward contracts regarding bunker purchases are entered into to mitigate risks relating to future fluctuations in prices and interest rates, etc. on future committed or anticipated transactions. TORM applies hedge accounting under the specific rules on cash flow hedges, when appropriate, as described below for each type of derivative.Changes in the fair value of derivative financial instruments designated as cash flow hedges and deemed to be effective are recognized directly in \u201cOther comprehensive income\u201d. When the hedged transaction is recognized in the income statement, the cumulative value adjustment recognized in \u201cOther comprehensive income\u201d is transferred to the income statement and included in the same line as the hedged transaction. Portion of the changes in fair value deemed to be ineffective is recognized immediately in the income statement.Changes in the fair value of derivative financial instruments not designated as hedges are recognized in the income statement. While effectively reducing cash flow risk in accordance with the Company\u2019s 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 \u201cFinancial income\u201d or \u201cFinancial expenses\u201d for interest rate swaps and under \u201cPort expenses, bunkers and commissions\u201d for forward freight agreements and forward bunker contracts.",
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"value": "NOTE 25 \u2013 RISKS ASSOCIATED WITH TORM\u2019S ACTIVITIESTORM\u2019s overall risk tolerance and inherited exposure to risks is divided into five main categories:\u2022 Emerging risks\u2022 Industry and market risks\u2022 Operational risks\u2022 Compliance and IT risks\u2022 Financial risksThe risks described below under each of the five categories are considered to be among the most significant and quantifiable risks for TORM.Emerging RisksIndustry-changing risks, such as the substitution of oil for other energy sources and radical changes in transportation patterns, are considered to have a relatively high potential impact but are long-term risks. The Management continues to monitor long-term strategic risks to ensure the earliest possible mitigation of potential risks and develop the necessary capabilities to exploit opportunities created by the same risks.Please refer to the Risk Management section in our Sustainability Statement under E1 Climate Change section on page 64 for a detailed description of emerging risks.Industry and Market RisksIndustry and market-related risk factors relate to changes in the markets and in the political, economic, and physical environment which the Management cannot control, such as freight rates and vessel and bunker prices.Freight rate fluctuationsTORM\u2019s income is primarily generated from voyages carried out using the Company\u2019s fleet of vessels. As such, TORM is exposed to the considerable volatility which characterizes freight rates for such voyages.It is TORM\u2019s strategy to seek a certain exposure to this risk, as volatility also represents an opportunity because earnings have historically been higher in the day-to-day market compared to time charters. The fluctuations in freight rates for different routes may vary substantially. However, TORM aims to reduce the sensitivity to the volatility of such specific freight rates by actively seeking the optimal geographical positioning of the fleet and by optimizing the services offered to customers. Please refer to Note 12 for details on impairment testing.Tanker freight income is to a certain extent covered against general fluctuations through the use of physical contracts such as cargo contracts and time charter agreements with durations of 6-36 months . In addition, TORM uses derivative financial instruments such as forward freight agreements (FFAs) with coverage of typically 0-24 months ahead, based on market expectations and in accordance with TORM\u2019s risk management policies.During 2024, 8.5% (2023: 12.6%, 2022: 12.8%) of the 31,287 earning days deriving from operating the Company\u2019s product tankers were covered in this way. Physical time charter contracts accounted for 65.6% (2023: 8.5%, 2022: 46.1%) of overall coverage. In 2024, the Company sold FFAs with a notional contract value of USD 82.6m (2023: USD 213.9m, 2022: USD 58.3m) and bought FFAs with a notional contract value of USD 11.7m (2023: USD 0m, 2022: USD 92.3m). The total notional contract volume sold in 2024 was 2,430,000 metric tons (2023: 5,400,000 metric tons; 2022: 2,310,000 metric tons), and the total notional volume bought was 250,000 metric tons (2023: 0 metric tons, 2022: 2,592,000 metric tons). At the end of 2024, the coverage of available earning days for 2025 was 12.8% through time charters, current spot voyages and cargo contracts (2023: 11.3%, 2022: 3.7%). FFA trade and other freight-related derivatives are subject to specific policies and guidelines approved by the Risk Committee, including trading limits, stop-loss policies, segregation of duties, and other internal control procedures.All things being equal and to the extent the Company\u2019s vessels have not already been chartered out at fixed rates, a freight rate change of USD/day 1,000 would lead to the following changes in profit before tax based on the expected number of earning days for the coming financial year:Sensitivity to changes in freight ratesUSDm 2025 2024 2023Decrease in freight rates of USD/day 1,000:Changes in profit/loss before tax for the following year -28.9 -27.8 -26.5Changes in equity for the following year -28.9 -27.8 -26.5Sales and purchase price fluctuationsAs an owner of vessels, TORM is exposed to risks associated with changes in the value of the vessels, which can vary considerably during their useful lives. As of 31 December 2024, the carrying value of the fleet was USD 2,826.7m (2023: USD 2,070.2m, 2022: USD 1,855.9m). Based on broker valuations, TORM\u2019s fleet had a market value of USD 3,582.9m as of 31 December 2024 (2023: USD 3,080.9m, 2022: USD 2,650.3m).Bunker price fluctuationsThe cost of fuel oil consumed by the vessels, known in the industry as bunkers, accounted for 69.0% (2023: 66.6% 2022: 61.3%) of the total voyage costs in 2024 and is by far the biggest single cost related to a voyage.TORM is exposed to fluctuations in bunker prices which are not reflected in the freight rates achieved by TORM. To reduce this exposure, TORM hedges the bunker exposure with oil product instruments to the extent bunker element in the freight rates achieved is considered fixed.Bunker trade is subject to specific risk policies and guidelines approved by the Risk Committee including trading limits, stop-loss, stop-gain and stop-at-zero policies, segregation of duties and other internal control procedures.TORM only hedges bunker exposure whenever the freight is fixed beyond one month. In 2024, 6.0% (2023: 17.7%, 2022: 15.2%) of TORM\u2019s total bunker purchase was hedged through bunker hedging contracts. At the end of 2024, TORM had covered 7% (2023: 5%, 2022: 0%) of its bunker requirements for 2025. The total bunker exposure is estimated to be approximately 432,316 metric tons. All things being equal, a price change of 10% per ton of bunker oil (without subsequent changes in freight rates) would lead to the following changes in expenditure based on the expected bunker consumption in the spot market:Sensitivity to changes in the bunker priceUSDm2025 2024 2023Increase in the bunker prices of 10% per ton:Changes in profit/loss before tax for the following year -22.5 -25.9 -22.1Changes in equity for the following year -22.5 -25.9 -22.1Operational RisksOperational risks are risks associated with the ongoing operations of the business and include risks such as the safe operation of vessels, the availability of experienced seafarers and staff, terrorism, piracy as well as insurance and counterparty risk.Insurance CoverageDuring the fleet\u2019s operation, various casualties, accidents, and other incidents may occur which may result in financial losses for TORM. For example national and international rules, regulations, and conventions could mean that TORM may incur substantial liabilities if a vessel is involved in an oil spill or emission of other environmentally hazardous agents.To reduce the exposure to these risks, the fleet is insured against such risks to the extent possible. The total insurance program comprises a broad cover of risks in relation to the operation of vessels and transportation of cargo, including personal injury, environmental damage and pollution, cargo damage, third-party casualty and liability, hull and machinery damage, total loss, and war. All TORM\u2019s owned vessels are insured for an amount corresponding to their market value plus a margin to cover any fluctuations. Liability risks are covered in line with international standards. It is TORM\u2019s policy to cooperate with financially sound international insurance companies with a credit rating of BBB or better, presently some 14-16 companies along with two P&I clubs, to diversify risk. The P&I clubs are members of the internationally recognized collaboration, International Group of P&I clubs, and TORM\u2019s vessels are each insured for the maximum amount available in the P&I system. At the end of 2024, the aggregate insured value of hull and machinery and interest for TORM\u2019s owned vessels amounted to USD 4.32bn (2023: USD 2.34bn, 2022: USD 2.8bn).Counterparty RiskCounterparty risk is an ever-present challenge demanding close monitoring to manage and decide on actions to minimize possible losses. The maximum counterparty risk associated is equal to the values recognized in the balance sheet. A consequential effect of the counterparty risk is loss of income in future periods, e.g. counterparties not being able to fulfill their responsibilities under a time charter, a contract of affreightment, or an option. The main risk is the difference between the fixed rates under a time charter or a contract of affreightment and the market rates prevailing upon default. This characterizes the method for identifying the market value of a derivative instrument.TORM has a close focus on its risk policies and procedures to ensure that risks managed in the day-to-day business are kept at agreed levels, and that changes in the risk situation are brought to the Management\u2019s attention.TORM\u2019s counterparty risks are primarily associated with:\u2022 Receivables, cash and cash equivalents, including restricted cash\u2022 Contracts of affreightment with a positive fair value\u2022 Derivative financial instruments and commodity instruments with a positive fair valueReceivables, cash, and cash equivalents, including restricted cashThe majority of TORM\u2019s customers are companies operating in the oil industry. It has been assessed that these companies are, to a great extent, subject to the same risk factors as those identified for TORM.A major part of TORM\u2019s freight revenues stem from a small group of customers. In 2024, one customer accounted for 8% of TORM\u2019s freight revenues (2023: one accounted for 8%, 2022: one accounted for 12%). The concentration of earnings on a few customers requires extra attention to credit risk. TORM has a credit policy under which continued credit evaluations of new and existing customers take place. For long-standing customers, payment of freight normally takes place after a vessel\u2019s cargo has been discharged. For new and smaller customers, TORM\u2019s credit risk is limited as freight is usually paid prior to the cargo\u2019s discharge, or, alternatively, a suitable bank guarantee is placed in lieu thereof.Because of the payment patterns mentioned above, TORM\u2019s receivables primarily consist of receivables from voyages in progress at year-end and outstanding demurrage. For the past five years, TORM has not experienced any significant losses in respect of charter payments or any other freight agreements. With regard to the collection of original demurrage claims, TORM\u2019s average stands at 98.4% (2023: 98.6%, 2022: 98.6%), which is considered to be satisfactory given the differences in interpretation of events. In 2024, demurrage represented 13% (2023: 16.0%, 2022: 14.0%) of the total freight revenues. Please refer to Note 1 for more details on recognition of demurrage claims into revenue.Excess liquidity is placed on deposit accounts with major banks with strong and acceptable credit ratings or invested in secure papers such as American or Danish government bonds, or triple AAA-rated money market funds. Cash is invested with the aim of getting the highest possible yield, while maintaining a low counterparty risk, and having adequate liquidity reserves for possible investment opportunities or to withstand a sudden drop in freight rates.Derivative Financial Instruments and Commodity InstrumentsIn 2024, 100% (2023: 100%, 2022: 100%) of TORM\u2019s forward freight agreements (FFAs) were traded via clearing houses or over-the-counter (OTC). Trade via clearing houses effectively reduces counterparty credit risk by daily clearing of balance and OTC trades are only done with investment grade counterparties. Over-the-counter fuel swaps have restrictively been entered into with major oil companies, banks, or highly reputed partners with a satisfactory credit rating. TORM also trades FX and interest derivatives. All such derivatives were entered into with investment grade counterparties.Financial risksFinancial risks relate to TORM\u2019s financial position, financing, and cash flows generated by the business, including foreign exchange risk and interest rate risk. TORM\u2019s liquidity and capital resources are described in Note 2.Foreign Exchange RiskTORM uses USD as its functional currency because most of the Company\u2019s transactions are denominated in USD. The foreign exchange risk is thereby limited to cash flows not denominated in USD. The primary risk relates to transactions denominated in DKK, EUR, and SGD and relates to administrative and operating expenses.The part of TORM\u2019s expenses denominated in currencies other than USD accounts for approximately 57.8% (2023: 60.2%, 2022: 81.4%) for administrative expenses and approximately 19.9% (2023: 21.6%, 2022: 19.8%) for operating expenses. TORM\u2019s expected administrative and operating expenses in DKK and EUR for 2025 are approximately DKK 494.0m, whereof 69.1% (2023: 68.3%, 2022: 68.9%) are hedged through FX forward contracts. All FX forward contracts have maturity within 2025, and TORM\u2019s average hedge USD/DKK currency rate is 6.8. FX exposure is hedged in its entirety for all risks.TORM assumes identical currency risks arising from exposures in DKK and EUR. Sensitivity to Changes in the USD/DKK and USD/EUR Exchange RateAll things being equal, a change in the USD/DKK and the USD/EUR exchange rates of 10% would result in a change in profit/loss before tax and equity as follows:USDm 2025 2024 2023Effect of a 10% increase of DKK and EUR:Changes in profit/loss before tax for the following year -2.1 -2.2 -1.8Changes in equity for the following year -2.1 -2.2 -1.8Interest rate risk TORM\u2019s interest rate risk generally relates to interest-bearing borrowings. All TORM\u2019s loans for financing vessels are denominated in USD. Please refer to Note 20 for additional information on borrowings. At the end of 2024, TORM had fixed 82.7% (2023: 86.9%, 2022: 94.6%) of the debt then outstanding with interest rate swaps, fixed rate leasing debt and senior unsecured bond corresponding to an amount of USD 1,019.7m. USD 498.7m of this amount is hedged at an interest rate of 1.29% plus margin with interest rate swaps with maturity in the period 2025-2030.Sensitivity to Changes in Interest RatesAll things being equal, a change in the interest rate level of 1%-point would result in a change in the interest rate expenses as follows:USDm 2025 2024 2023Effect of a 1%-point increase in interest rates:Changes in profit/loss before tax for the following year -3.0 -2.7 -0.7Changes in equity for the following year 8.7 10.4 16.3Liquidity risk TORM\u2019s strategy is to ensure continuous access to funding sources by maintaining a robust capital structure and a close relationship with several financial partners. As of 31 December 2024, TORM\u2019s loan portfolio was spread across 13 different banks.As of 31 December 2024, TORM maintains a liquidity reserve of USD 291.2m in cash and cash equivalents, including restricted cash, combined with USD 323.6m in undrawn and committed credit facilities. Cash is only placed in banks with an investment grade rating. For further information on contractual obligations, including a maturity analysis, please refer to Note 23.",
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"value": "Insurance CoverageDuring the fleet\u2019s operation, various casualties, accidents, and other incidents may occur which may result in financial losses for TORM. For example national and international rules, regulations, and conventions could mean that TORM may incur substantial liabilities if a vessel is involved in an oil spill or emission of other environmentally hazardous agents.To reduce the exposure to these risks, the fleet is insured against such risks to the extent possible. The total insurance program comprises a broad cover of risks in relation to the operation of vessels and transportation of cargo, including personal injury, environmental damage and pollution, cargo damage, third-party casualty and liability, hull and machinery damage, total loss, and war. All TORM\u2019s owned vessels are insured for an amount corresponding to their market value plus a margin to cover any fluctuations. Liability risks are covered in line with international standards. It is TORM\u2019s policy to cooperate with financially sound international insurance companies with a credit rating of BBB or better, presently some 14-16 companies along with two P&I clubs, to diversify risk. The P&I clubs are members of the internationally recognized collaboration, International Group of P&I clubs, and TORM\u2019s vessels are each insured for the maximum amount available in the P&I system. At the end of 2024, the aggregate insured value of hull and machinery and interest for TORM\u2019s owned vessels amounted to USD 4.32bn (2023: USD 2.34bn, 2022: USD 2.8bn).",
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"value": "NOTE 26 \u2013 FINANCIAL INSTRUMENTSObservable inputFinancial instruments Financial instruments Categories of financial assets and liabilities (USDm):(Level 2)measured at fair valuemeasured at amortized cost Total carrying value2024Financial assets Loan receivables\u00b9\u207e \u2014 \u2014 4.5 4.5Trade receivables\u00b9\u207e \u2014 \u2014 183.9 183.9Other receivables 33.0 33.0 26.6 59.6Cash and cash equivalents, including restricted cash\u00b9\u207e \u2014 \u2014 291.2 291.2Total 33.0 33.0 506.2 539.2Financial liabilitiesBorrowings\u00b9\u207e\u00b2\u207e \u2014 \u2014 1,226.3 1,226.3Other non-current liabilities \u2014 \u2014 2.9 2.9Trade payables\u00b9\u207e \u2014 \u2014 50.0 50.0Other liabilities\u00b9\u207e 2.5 2.5 58.8 61.3Total 2.5 2.5 1,338.0 1,340.52023Financial assetsLoan receivables\u00b9\u207e \u2014 \u2014 4.5 4.5Trade receivables\u00b9\u207e \u2014 \u2014 211.0 211.0Other receivables 37.6 37.6 22.9 60.5Cash and cash equivalents, including restricted cash\u00b9\u207e \u2014 \u2014 295.6 295.6Total 37.6 37.6 534.0 571.6Financial liabilitiesBorrowings\u00b9\u207e\u00b2\u207e \u2014 \u2014 1,059.6 1,059.6Other non-current liabilities \u2014 \u2014 3.0 3.0Trade payables\u00b9\u207e \u2014 \u2014 43.1 43.1Other liabilities\u00b9\u207e 2.8 2.8 42.4 45.2Total 2.8 2.8 1,148.1 1,150.9Observable Financial instruments Financial instruments Categories of financial assets and liabilities (USDm):input (Level 2)measured at fair valuemeasured at amortized cost Total carrying value2022Financial assetsLoan receivables\u00b9\u207e \u2014 \u2014 4.6 4.6Trade receivables\u00b9\u207e \u2014 \u2014 259.5 259.5Other receivables 55.3 55.3 18.7 74.0Cash and cash equivalents, including restricted cash\u00b9\u207e \u2014 \u2014 323.8 323.8Total 55.3 55.3 606.6 661.9Financial liabilitiesBorrowings\u00b9\u207e\u00b2\u207e \u2014 \u2014 966.9 966.9Other non-current liabilities \u2014 \u2014 3.0 3.0Trade payables\u00b9\u207e \u2014 \u2014 48.5 48.5Other liabilities\u00b9\u207e 1.9 1.9 29.2 31.1Total 1.9 1.9 1,047.6 1,049.5\u00b9\u207e Due to the short maturity, the carrying value is considered to be an appropriate expression of the fair value.\u00b2\u207e See Note 21.\u00b3\u207e Derivative financial instruments are presented in the balance sheet line \"Other receivables\" and \"Other liabilities\".Fair value hierarchy for financial instruments measured at fair value in the balance sheetBelow, please find the fair value hierarchy for financial instruments measured at fair value in the balance sheet. The financial instruments in question are grouped into levels 1 to 3 based on the degree to which the fair value is observable.\u2022 Level 2 fair value measurements are those derived from input other than quoted prices included in Level 1 which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices)Methods and assumptions in determining fair value of financial instrumentsDerivative part of other receivables and other liabilitiesThe fair value of derivatives in other receivables and other liabilities is measured using accepted valuation methods with input variables such as yield curves, forward curves, spreads, etc. and compared to financial counterparties to ensure acceptable valuations. The valuation methods discount the future fixed and estimated cash flows and valuation of any option elements.",
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"value": "Fair value hierarchy for financial instruments measured at fair value in the balance sheetBelow, please find the fair value hierarchy for financial instruments measured at fair value in the balance sheet. The financial instruments in question are grouped into levels 1 to 3 based on the degree to which the fair value is observable.\u2022 Level 2 fair value measurements are those derived from input other than quoted prices included in Level 1 which are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices)Methods and assumptions in determining fair value of financial instrumentsDerivative part of other receivables and other liabilitiesThe fair value of derivatives in other receivables and other liabilities is measured using accepted valuation methods with input variables such as yield curves, forward curves, spreads, etc. and compared to financial counterparties to ensure acceptable valuations. The valuation methods discount the future fixed and estimated cash flows and valuation of any option elements.",
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"value": "NOTE 27 \u2013 RELATED PARTY TRANSACTIONSTORM\u2019s ultimate controlling party is Brookfield Oaktree Holdings, LLC, a limited liability company incorporated in the USA. The immediate controlling shareholder is OCM Njord Holdings S.\u00e1.r.l. (Njord Luxco).Shareholders' contribution and dividends paid are disclosed in the consolidated statement of changes in equity. Dividends to related parties are paid out based on the related parties\u2019 ownership of shares. The remuneration of key management personnel, which consists of the Board of Directors, Executive Director and the Senior Management Team, is disclosed in Note 5.On 01 September 2022, TORM purchased 75% of the shares in Marine Exhaust Technology A/S, thereby obtaining a controlling interest in its joint venture entity Marine Exhaust Technology (Hong Kong) Ltd. Until 01 September 2022, TORM\u2019s transactions with its joint venture entity producing scrubbers for the TORM fleet covered CAPEX of USD 5.6m in total.",
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"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "NOTE 28 \u2013 ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEARDuring 2024, TORM delivered three vessels sold in 2023 for a total consideration of USD 66.5m. The vessels had a carrying value of USD 47.2m. After deducting related bunker costs, the sales resulted in a profit of USD 17.2m, which is recognized in the income statement for 2024. During 2024, TORM sold and delivered four vessels for a total consideration of USD 83.0m. The vessels had a carrying value of USD 47.0m. After deducting related bunker costs, the sales resulted in a profit of USD 34.1m, which is recognized in the income statement for 2024. The sales consideration for one vessel of USD 18.9m has not yet been received as per 31 December 2024.During 2023, TORM sold and delivered eight vessels for a total consideration of USD 166.4m. The vessels sold and delivered to new owners during 2023 had a carrying value of USD 111.4m. After deducting related bunker cost, the sales resulted in a profit of USD 50.4m which are recognized in the income statement for 2023. Additionally, TORM sold three vessels with a carrying value of USD 47.2m classified as assets held for sale at the end of 2023 as the vessels were not yet delivered to new owners.During 2022, TORM sold seven vessels. All the vessels sold in 2022 and one vessel sold in 2021 were delivered to the new owners to a total consideration of USD 106.6m. The vessels sold and delivered to the new owners during 2022 had a carrying value of USD 93.8m. The sales resulted in an impairment loss of USD 2.6m and a profit of USD 10.2m which are recognized in the income statement for 2022.",
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"value": "NOTE 28 \u2013 ASSETS HELD FOR SALE AND NON-CURRENT ASSETS SOLD DURING THE YEARDuring 2024, TORM delivered three vessels sold in 2023 for a total consideration of USD 66.5m. The vessels had a carrying value of USD 47.2m. After deducting related bunker costs, the sales resulted in a profit of USD 17.2m, which is recognized in the income statement for 2024. During 2024, TORM sold and delivered four vessels for a total consideration of USD 83.0m. The vessels had a carrying value of USD 47.0m. After deducting related bunker costs, the sales resulted in a profit of USD 34.1m, which is recognized in the income statement for 2024. The sales consideration for one vessel of USD 18.9m has not yet been received as per 31 December 2024.During 2023, TORM sold and delivered eight vessels for a total consideration of USD 166.4m. The vessels sold and delivered to new owners during 2023 had a carrying value of USD 111.4m. After deducting related bunker cost, the sales resulted in a profit of USD 50.4m which are recognized in the income statement for 2023. Additionally, TORM sold three vessels with a carrying value of USD 47.2m classified as assets held for sale at the end of 2023 as the vessels were not yet delivered to new owners.During 2022, TORM sold seven vessels. All the vessels sold in 2022 and one vessel sold in 2021 were delivered to the new owners to a total consideration of USD 106.6m. The vessels sold and delivered to the new owners during 2022 had a carrying value of USD 93.8m. The sales resulted in an impairment loss of USD 2.6m and a profit of USD 10.2m which are recognized in the income statement for 2022.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "NOTE 30 \u2013 ENTITIES IN THE GROUPEntity CountryTORM plc United KingdomInvestments in subsidiaries \u2075\u207e:Entity Country Ownership \u2074\u207eTORM A/S Denmark 100 %OCM Singapore Njord Holdings Almena, Pte. Ltd \u00b9\u207e Singapore 100 %OCM Singapore Njord Holdings Hardrada, Pte. Ltd Singapore 100 %OCM Singapore Njord Holdings St.Michaelis Pte. Ltd \u00b9\u207e Singapore 100 %OCM Singapore Njord Holdings St. Gabriel Pte. Ltd \u00b9\u207e Singapore 100 %OCM Singapore Njord Holdings Agnete, Pte. Ltd \u00b9\u207e Singapore 100 %OMI Holding Ltd.\u00b9\u207e Mauritius 100 %TORM Crewing Service Ltd.\u00b9\u207e Bermuda 100 %TORM Middle East DMCC United Arab Emirates 100 %TORM Shipping India Private Limited \u00b3\u207e India 100 %TORM Singapore Pte. Ltd. Singapore 100 %TORM Tanker Corporation \u2076\u207e USA 100 %TORM USA LLC \u2076\u207e USA 100 %TORM VesselCo UK Limited United Kingdom 100 %VesselCo 8 Pte. Ltd. \u00b9\u207e Singapore 100 %VesselCo 9 Pte. Ltd. Singapore 100 %VesselCo 10 Pte. Ltd. \u00b2\u207e Singapore 100 %VesselCo 11 Pte. Ltd. \u00b9\u207e Singapore 100 %VesselCo 12 Pte. Ltd. Singapore 100 %TORM SHIPPING (PHILS.), INC. \u2074\u207e Philippines 25 %Marine Exhaust Technology A/S Denmark 75 %ME Production A/S Denmark 75 %Marine Exhaust Technology (Hong Kong) Ltd. China 59 %ME Production (Zhejiang) Co, Ltd. China 75 %Suzhou ME Production Technology Co, Ltd.\u2076\u207e China 59 %\u00b9\u207e Entities dissolved in the financial year ended 31 December 2022.\u00b2\u207e Entities dissolved in the financial year ended 31 December 2023.\u00b3\u207e Entities with different reporting periods: TORM Shipping India has a financial reporting period that runs from 01 April to 31 March as required by the Indian government's laws and legislations.\u2074\u207eFor all subsidiaries, ownership and voting rights are the same except for TORM SHIPPING (PHILS.), INC where voting rights are 100%.\u2075\u207e All subsidiaries are consolidated in full. \u2076\u207e Entities not auditedInterest in legal entities included as joint ventures:There has been no activity in the Danish joint venture, Long Range 2 A/S for which TORM controls 50%. TORM obtained control over Marine Exhaust Technology (Hong Kong) Ltd. on 01 September 2022 following the acquisition of Marine Exhaust Technology A/S, where it affected the profit and loss from continuing operations in 2022 with -0.1m. Before the acquisition, TORM controlled 28% of Marine Exhaust Technology A/S.The table below shows the registered addresses for the companies mentioned above:Denmark India PhilippinesTuborg Havnevej 18 2nd Floor 7th FloorDK-2900 Hellerup Leela Business Park Salcedo Towers, 169Denmark Andheri-Kurla Road HV dela Costa Street Andheri (E) Salcedo Village, Mumbai 400059 Makati City India Philippines 1227Singapore United Kingdom USA6 Battery Road #27-02 4th Floor Suite 1625Six Battery Road 120 Cannon Street 2500 City WestSingapore 049909 London, EC4N 6AS BoulevardSingapore United Kingdom 77042, Houston , Texas USADenmark China Hong KongSandholm 7 208 Longward Road Room 12, 10/F9900 Frederikshavn Zhapu Town Ping Hu Kwai Cheong CentreDenmark Jiaxing City No. 50 Kwai Cheong Road Zhejiang Provice Kwai Chung, New Territories China Hong KongUnited Arab EmiratesDMCC Business CentreAU Tower 15-GJLT Cluster IDubai, UAEUnited Arab Emirates",
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"value": "NOTE 31 \u2013 PROVISIONSUSDm 2024 2023 2022Cargo claim provisions \u2014 \u2014 6.5 Warranty provisions 0.6 0.6 0.3 Balance as of 31 December 0.6 0.6 6.8 In 2020, TORM was involved in cargo claims relating to a customer having granted indemnities for discharge of cargoes, and not being able to honor those obligations. The cases involved irregular activities by the customer. Legal action was initiated by TORM in the UK and in India against the customer and related individuals. During 2022, TORM settled one claim and reassessed its provisions for the remaining part of the case complex, which led to the reversal of provisions amounting to USD 6.3m. As expected at the end of 2023, the remaining part of the case complex was resolved in arbitration during the first quarter of 2024 with an award in favor of TORM. Warranty provisions relate to sold marine engineering equipment.Accounting PoliciesProvisions are recognized when the Group 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 which can be reliably estimated. Provisions are measured at the estimated liability expected to arise, considering the time value of money.",
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"value": "Accounting PoliciesProvisions are recognized when the Group 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 which can be reliably estimated. Provisions are measured at the estimated liability expected to arise, considering the time value of money.",
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"value": "NOTE 32 \u2013 EARNINGS PER SHARE AND DIVIDEND PER SHARE2024 2023 2022Earnings per shareNet profit/(loss) for the year attributable to TORM plc shareholders (USDm) 612.5 648.3 562.8 Million sharesWeighted average number of shares 94.1 84.1 81.8 Weighted average number of treasury shares -0.5 -0.5 -0.5 Weighted average number of shares outstanding 93.6 83.6 81.3 Dilutive effect of outstanding share options 2.7 3.1 1.5 Weighted average number of shares outstanding incl. dilutive effect of share options 96.3 86.7 82.8 Basic earnings/(loss) per share (USD) 6.54 7.75 6.92Diluted earnings/(loss) per share (USD) 6.36 7.48 6.802024 2023 2022Dividend per shareDeclared dividend per share (USD) 5.10 4.42 4.63Declared dividend for the year (USDm) 485.3 370.9 378.7Proposed dividend per share for approval at Annual General Meeting (USD) \u2014 1.36 \u2014Proposed dividend for approval at Annual General Meeting (USDm) \u2014 126.3 \u2014Dividends paid per share (USD) 5.86 7.01 2.04Dividends paid during the year (USDm) 553.3 586.4 166.7Number of sharesNumber of shares, end of period (million) 97.8 86.2 82.3Number of treasury shares, end of period (million) -0.5 -0.5 -0.5Number of shares outstanding, end of period (million) 97.3 85.7 81.8Accounting PoliciesBasic earnings per share are calculated by dividing the consolidated net profit/(loss) for the year available to common shareholders by the weighted average number of common shares outstanding during the period. Treasury shares are not included in the calculation. Purchases of treasury shares during the period are weighted based on the remaining period.Diluted earnings per share are calculated by adjusting the consolidated profit or loss available to common shareholders and the weighted average number of common shares outstanding for the effects of all potentially dilutive shares. Such potentially dilutive common shares are excluded when the effect of including them would be to increase earnings per share or reduce a loss per share.",
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"value": "Accounting PoliciesBasic earnings per share are calculated by dividing the consolidated net profit/(loss) for the year available to common shareholders by the weighted average number of common shares outstanding during the period. Treasury shares are not included in the calculation. Purchases of treasury shares during the period are weighted based on the remaining period.Diluted earnings per share are calculated by adjusting the consolidated profit or loss available to common shareholders and the weighted average number of common shares outstanding for the effects of all potentially dilutive shares. Such potentially dilutive common shares are excluded when the effect of including them would be to increase earnings per share or reduce a loss per share.",
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"f1__s8__7__247": {
"value": "NOTE 33 \u2013 CASH AND CASH EQUIVALENTS, INCLUDING RESTRICTED CASHUSDm 2024 2023 2022Cash at banks and on hand 271.9 265.5 320.5 Cash and cash equivalents 271.9 265.5 320.5 Cash provided as security for initial margin calls and negative market values on derivatives, etc.\u00b9\u207e 19.3 30.1 3.3 Restricted cash 19.3 30.1 3.3 Cash and cash equivalents, including restricted cash 291.2 295.6 323.8 \u00b9\u207e The counterparties have an obligation to return any excess cash provided as security to the Group upon settlement or early termination of the contracts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__246": {
"value": "NOTE 33 \u2013 CASH AND CASH EQUIVALENTS, INCLUDING RESTRICTED CASHUSDm 2024 2023 2022Cash at banks and on hand 271.9 265.5 320.5 Cash and cash equivalents 271.9 265.5 320.5 Cash provided as security for initial margin calls and negative market values on derivatives, etc.\u00b9\u207e 19.3 30.1 3.3 Restricted cash 19.3 30.1 3.3 Cash and cash equivalents, including restricted cash 291.2 295.6 323.8 \u00b9\u207e The counterparties have an obligation to return any excess cash provided as security to the Group upon settlement or early termination of the contracts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__248": {
"value": "NOTE 34 \u2013 BUSINESS COMBINATIONSThere were no business combinations in 2023 or 2024.On 01 September 2022, TORM acquired an ownership stake of 75% of Marine Exhaust Technology A/S (MET), a Danish industrial company specialized in developing and producing advanced and green marine equipment for a cash consideration of USD 2.0m. TORM acquired MET because the entity has gained strong expertise in developing and producing components for the maritime industry, including scrubbers for the shipping industry. As part of the transaction, TORM also obtained control over the joint venture entity Marine Exhaust Technology (Hong Kong) Ltd in which TORM previously held a 27.5% interest.TORM has elected to measure the non-controlling interest in the acquiree at fair value.The fair value of the non-controlling interest in MET has been assessed based on the EBITDA multiples method using estimated 2023 financials based on expected scrubber orders. The value includes an adjustment based on development costs to account for potential future income from the sales of Flettner rotors. Based on the enterprise value estimate, the equity value is calculated through a standard adjustment for net interest-bearing debt.The previously held interest in Marine Exhaust Technology (Hong Kong) Ltd was remeasured at fair value as part of the transaction leading to a gain of USD 0.3m recognized in the share of profit/loss from joint ventures in the consolidated income statement.The acquired assets include contractual receivables of USD 5.7m of which USD 0.3m were considered to be uncollectible at the day of the acquisition.Transaction costs in connection with the acquisition amounted to less than USD 0.1m and are recognized as administration expenses.The goodwill of USD 1.8m represents the value of expected synergies arising from the acquisition and is allocated entirely to the Marine Engineering segment. The goodwill recognized is not expected to be deductible for tax purposes.Revenue and profit for the period generated by the acquired entity amounted to USD 5.9m and 0.0m, respectively, and have been recognized in the consolidated income statement since the acquisition. Had the acquisition taken place on 01 January 2022, the revenue and profit for the Group for 2022 would have been USD 1,455.9m and USD 561.9m, respectively.The following table summarizes the fair values of the assets acquired and the liabilities assumed on 01 September 2022:01 SeptemberUSDm 2022Intangible assets 1.2Tangible fixed assets 2.5Inventories 6.4Trade receivables 1.6Other receivables 3.8Prepayments 1.5Cash and cash equivalents 3.0Borrowings -7.9Deferred tax liabilities -0.3Provisions -0.4Other non-current liabilities -0.8Trade payables -1.5Other liabilities -0.3Deferred income -4.3Current tax liabilities -0.3Net identifiable assets acquired 4.2Goodwill 1.8Total net assets acquired 6.0Of which fair value of non-controlling interest -2.4Total purchase consideration 3.6Cash consideration 2.0Fair value of previously held interests 1.6Total purchase consideration 3.6Cash acquired 3.0Cash consideration -2.0Acquisition of subsidiaries, net of cash acquired 1.0Accounting PoliciesNewly acquired or formed entities are recognized in the consolidated financial statements from the date of acquisition or formation. The date of acquisition is the date on which control over the entity is effectively transferred.Business combinations are accounted for by applying the purchase method, whereby the acquired entities\u2019 identifiable assets, liabilities, and contingent liabilities are measured at fair value at the acquisition date. The tax effect of the revaluation activities is also considered.When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the amount of that adjustment is included in the cost of the combination if the event is probable and the adjustment can be measured reliably. Costs of issuing debt or equity instruments in connection with a business combination are accounted for together with the debt or equity issuance. All other costs associated with the acquisition are expensed in the income statement.The excess of the cost of the business combination over the fair value of the acquired assets, liabilities, and contingent liabilities is recognized as goodwill under intangible assets and is tested for impairment at least once a year. Upon acquisition, goodwill is allocated to the cash generating units that subsequently form the basis for the impairment test. If the fair value of the acquired assets, liabilities, and contingent liabilities exceeds the cost of the business combination, the identification of assets and liabilities and the processes of measuring the fair value of the assets and liabilities and the cost of the business combination are reassessed. If the fair value of the business combination continues to exceed the cost, the resulting gain is recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s8__7__250": {
"value": "Accounting PoliciesNewly acquired or formed entities are recognized in the consolidated financial statements from the date of acquisition or formation. The date of acquisition is the date on which control over the entity is effectively transferred.Business combinations are accounted for by applying the purchase method, whereby the acquired entities\u2019 identifiable assets, liabilities, and contingent liabilities are measured at fair value at the acquisition date. The tax effect of the revaluation activities is also considered.When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the amount of that adjustment is included in the cost of the combination if the event is probable and the adjustment can be measured reliably. Costs of issuing debt or equity instruments in connection with a business combination are accounted for together with the debt or equity issuance. All other costs associated with the acquisition are expensed in the income statement.The excess of the cost of the business combination over the fair value of the acquired assets, liabilities, and contingent liabilities is recognized as goodwill under intangible assets and is tested for impairment at least once a year. Upon acquisition, goodwill is allocated to the cash generating units that subsequently form the basis for the impairment test. If the fair value of the acquired assets, liabilities, and contingent liabilities exceeds the cost of the business combination, the identification of assets and liabilities and the processes of measuring the fair value of the assets and liabilities and the cost of the business combination are reassessed. If the fair value of the business combination continues to exceed the cost, the resulting gain is recognized in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800VL1H1ABVM1ZF63",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}