• TCE for Q2 2023: USD/day 36,360 (Q2 2022: USD/day 29,622). TCE for Q1-Q2 2023: USD/day 38,903 (Q1-Q2 2022: USD/day 23,152). • EBITDA for Q2 2023: USD 236.8m (Q2 2022: 153.4m). EBITDA for Q1-Q2 2023: USD 435.4m (Q1-Q1 2022: 213.8m). • Unrealized gains from financial instruments related to freight and bunker for Q2 2023: USD 37.0m (Q2 2022: USD -9.5m). For Q1-Q2 2023: USD 21.2m (Q1-Q2 2022: USD -11.1m). • Adjusted EBITDA for Q2 2023: USD 199.8m (Q2 2022: 162.9m). Adjusted EBITDA for Q1-Q2 2023: USD 414.2m ( ...

TORM plc (NASDAQ:TRMD) Q2 2023 Earnings Call Transcript August 17, 2023 9:00 AM ET Company Participants Andreas Abildgaard-Hein - Head, IR Jacob Meldgaard - CEO and Executive Director Kim Balle - CFO Conference Call Participants Jonathan Chappell - Evercore ISI Operator Hello, and welcome to the TORM plc Second Quarter and Six Months Ended 2023 Results Call. All line have been placed on mute to prevent any background noise. After the speakers remarks there will be a question-and-answer session [Operator Ins ...

"During the first quarter of 2023, we saw a sustained strong product tanker market with high volatility, primarily driven by changes in the global flow of refined oil products towards longer haul trades," says Jacob Meldgaard and continues: "In the first quarter we achieved freight rates across our fleet of USD/day 41,717 compared to USD/day 16,743 in the first quarter of 2022." Results Exhibit 99.1 Highlights Coverage • As of 05 May 2023, the coverage for the second quarter of 2023 was 64% at USD/day 40,08 ...

TORM plc (NASDAQ:TRMD) Q1 2023 Earnings Conference Call May 11, 2023 9:00 AM ET Company Participants Andreas Abildgaard-Hein - Head, IR Jacob Meldgaard - CEO and Executive Director Kim Balle - CFO Conference Call Participants Jon Chappell - Evercore Operator Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the TORM Plc First Quarter 2023 Results Conference Call. All lines have been placed on mute to preve ...

TORM plc (NASDAQ:TRMD) Q4 2022 Earnings Conference Call March 16, 2023 10:00 PM ET Company Participants Andreas Abildgaard-Hein - Head of Investor Relations Jacob Meldgaard - Chief Executive Officer & Executive Director Kim Balle - Chief Financial Officer Conference Call Participants Jon Chappell - Evercore Operator Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome and thank you for joining TORM plc Fourth Quarter and Full Year 2022 Results Call. Throughout today's recorded presentati ...

16 MARCH 2023 FULL-YEAR 2022 RESULTS TELECONFERENCE AND WEBCAST Safe harbor statement Matters discussed in this release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concern ...

Annual Report (cid:300)(cid:298)(cid:300)(cid:300) TORM PLC OFFICE (cid:299)(cid:298)(cid:303), (cid:300)(cid:298) ST DUNSTAN’S HILL LONDON, EC(cid:301)R (cid:306)HL, UNITED KINGDOM COMPANY: (cid:298)(cid:307)(cid:306)(cid:299)(cid:306)(cid:305)(cid:300)(cid:304) Contents Strategic Report Governance Financial statements At a glance Governance introduction TORM at a glance (cid:302) Governance at TORM (cid:305)(cid:307) Consolidated financial statements Letter from the Chairman and the CEO (cid:304) Chairman ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________________ to _________________ OR ☐ S ...

[HIGHLIGHTS](index=2&type=section&id=HIGHLIGHTS) TORM achieved record quarterly results in Q3 2022 due to a strong market, enabling a historic dividend distribution [Executive Summary](index=2&type=section&id=Executive_Summary) TORM achieved record Q3 2022 results, enabling a historic dividend distribution of USD 119 million - TORM achieved the best quarterly results on record during the third quarter of 2022, enabling a distribution of **USD 119 million** in dividends to shareholders, the highest ordinary distribution in TORM's history[2](index=2&type=chunk) [Key Financial Results](index=2&type=section&id=Key_Financial_Results) TORM reported significant year-over-year improvements in Q3 and YTD 2022, with TCE, profit before tax, and EPS all showing substantial growth, alongside a strong return on invested capital Key Financial Results (Q3 & Q1-Q3 2022 vs. 2021) | Metric | Q3 2022 | Q3 2021 | Q1-Q3 2022 | Q1-Q3 2021 | | :------------ | :------ | :------ | :--------- | :--------- | | TCE/day (USD) | 44,376 | 12,854 | 29,970 | 13,617 | | Profit before tax (USDm) | 217.3 | -14.1 | 335.0 | -32.8 | | EPS/share (USD) | 2.7 | -0.2 | 4.1 | -0.4 | | Return on Invested Capital | 43.0% | -0.9% | 23.6% | -0.3% | - Declared dividends for Q3 2022 of **USD 1.46/share**, with an expected total dividend of **USD 119 million**, marking the highest ordinary distribution in TORM's history[3](index=3&type=chunk) [BUSINESS HIGHLIGHTS](index=2&type=section&id=BUSINESS_HIGHLIGHTS) TORM completed an acquisition, installed scrubbers, took delivery of a vessel, sold four vessels, and saw its fleet market value increase by 20%, with plans for a new Dubai office - Completed the acquisition of Marine Exhaust Technology on 01 September 2022[5](index=5&type=chunk) - Reached a total of **53 installed scrubbers** during Q3 2022 out of 68 planned across the fleet[5](index=5&type=chunk) - TORM's fleet had a market value of **USD 2,523.6 million** as of 30 September 2022, an increase of **USD 420 million or 20%** since 30 June 2022[5](index=5&type=chunk) - Announced the plan to open a new office in Dubai, becoming TORM's ninth geographical presence[5](index=5&type=chunk) [SAFE HARBOR STATEMENTS AS TO THE FUTURE](index=3&type=section&id=SAFE_HARBOR_STATEMENTS_AS_TO_THE_FUTURE) This section provides a disclaimer regarding forward-looking statements and potential risks [Forward-Looking Statements Disclaimer](index=3&type=section&id=Forward_Looking_Statements_Disclaimer) This section provides a safe harbor statement regarding forward-looking statements, cautioning that actual results may differ materially due to various risks and uncertainties - Forward-looking statements reflect current views but are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company's control[6](index=6&type=chunk)[7](index=7&type=chunk) - Important factors that could cause actual results to differ include the strength of the world economy, general market conditions (charter hire rates, vessel values), the COVID-19 pandemic, demand for petroleum products, changes in OPEC production, operating expenses, regulatory changes (CO2 tariffs), and geopolitical conditions (Russia-Ukraine war)[8](index=8&type=chunk) [KEY FIGURES](index=4&type=section&id=KEY_FIGURES) This section presents consolidated financial performance and position [Consolidated Key Figures](index=4&type=section&id=Consolidated_Key_Figures) The key figures table presents a comprehensive overview of TORM's financial performance and position for Q3 2022 and comparative periods, highlighting significant improvements TORM Consolidated Key Figures (USDm) | Metric | Q3 2022 | Q3 2021 | Q1-Q3 2022 | Q1-Q3 2021 | FY 2021 | | :----------------------------------- | :------ | :------ | :--------- | :--------- | :------ | | **INCOME STATEMENT** | | | | | | | Revenue | 448.1 | 155.5 | 996.0 | 430.4 | 619.5 | | Time charter equivalent earnings (TCE) | 316.8 | 91.6 | 649.8 | 271.8 | 378.6 | | Gross profit | 266.4 | 42.7 | 499.0 | 133.2 | 188.1 | | EBITDA | 262.2 | 30.4 | 476.0 | 94.0 | 136.9 | | Operating profit/(loss) (EBIT) | 228.6 | -3.7 | 369.9 | -2.9 | 1.4 | | Profit/(loss) before tax | 217.3 | -14.1 | 335.0 | -32.8 | -40.8 | | Net profit/(loss) for the year/period | 217.1 | -14.7 | 334.1 | -33.9 | -42.1 | | **BALANCE SHEET AND CASH FLOW** | | | | | | | Total assets | 2,545.1 | 2,235.3 | 2,545.1 | 2,235.3 | 2,331.0 | | Equity | 1,403.4 | 1,050.0 | 1,403.4 | 1,050.0 | 1,052.2 | | Total liabilities | 1,141.7 | 1,185.3 | 1,141.7 | 1,185.3 | 1,278.8 | | Net interest-bearing debt | 764.0 | 938.2 | 764.0 | 938.2 | 972.1 | | Free cash flow | 192.6 | -48.3 | 267.4 | -48.3 | -242.7 | | **KEY FINANCIAL FIGURES** | | | | | | | Gross profit % | 59.5% | 27.5% | 50.1% | 30.9% | 30.4% | | Return on Invested Capital (RoIC) | 43.0% | -0.9% | 23.6% | -0.3% | 0.0% | | TCE per day (USD) | 44,376 | 12,854 | 29,970 | 13,617 | 13,703 | | Loan-to-value (LTV) ratio | 30.9% | 53.6% | 30.9% | 53.6% | 52.3% | | **SHARE-RELATED KEY FIGURES** | | | | | | | Basic earnings/(loss) per share (USD)| 2.66 | -0.18 | 4.12 | -0.44 | -0.54 | | Dividend per share (USD) | 1.46 | - | 2.04 | - | - | | Net Asset Value per share (USD) | 25.2 | 11.6 | 25.2 | 11.6 | 12.4 | [FINANCIAL REVIEW](index=5&type=section&id=FINANCIAL_REVIEW) This section provides a detailed analysis of TORM's financial performance [Time Charter Equivalent Earnings (TCE)](index=5&type=section&id=TCE) Revenue for Q1-Q3 2022 increased by 131% to USD 996.0 million, and Q3 2022 revenue increased by 188% to USD 448.1 million, primarily due to higher freight rates Revenue and TCE Rate Changes (YoY) | Metric | Q3 2022 | Q3 2021 | Change (YoY) | Q1-Q3 2022 | Q1-Q3 2021 | Change (YoY) | | :----- | :------ | :------ | :----------- | :--------- | :--------- | :----------- | | Revenue (USDm) | 448.1 | 155.5 | +188% | 996.0 | 430.4 | +131% | | Average TCE rate/day (USD) | 44,376 | 12,854 | +245% | 29,970 | 13,617 | +120% | - Higher freight rates were driven by a strong product tanker market, supported by trade recalibration caused by sanctions and self-sanctioning of Russian product exports due to the Russian invasion of Ukraine[13](index=13&type=chunk) [Assets](index=5&type=section&id=ASSETS) Total assets increased to USD 2,545.1 million as of 30 September 2022, primarily due to higher trade receivables and cash position Asset Overview (USDm) | Metric | 30 Sep 2022 | 30 Sep 2021 | Change | | :------------ | :---------- | :---------- | :----- | | Total Assets | 2,545.1 | 2,235.3 | +309.8 | | Carrying value of fleet | 1,876.2 | 1,930.4 | -54.2 | | Market value of fleet | 2,523.6 | N/A | N/A | - The increase in total assets was primarily driven by an increase in trade receivables of **USD 178.7 million** and an increase in cash position of **USD 128.6 million** resulting from higher revenue[15](index=15&type=chunk) - TORM's liquidity position by the end of Q3 2022 was **USD 333.5 million**, including restricted cash of **USD 14.5 million** and undrawn credit facilities of **USD 95.0 million**[15](index=15&type=chunk) [Equity](index=5&type=section&id=EQUITY) TORM's equity increased to USD 1,403.4 million as of 30 September 2022, mainly driven by retained profit and unrealized gains on interest derivatives Equity Overview (USDm) | Metric | 30 Sep 2022 | 30 Sep 2021 | Change | | :------------ | :---------- | :---------- | :----- | | Total Equity | 1,403.4 | 1,050.0 | +353.4 | - The increase in equity was primarily driven by an increase in retained profit, which was driven primarily by the freight rate increases, and an increase in the hedging reserve stemming from unrealized gains on interest derivatives as a consequence of increasing interest rates (5-year USD swaps increased from ~1% to ~4% YoY)[17](index=17&type=chunk) - TORM has fixed **93.4%** of its interest rate exposure over the coming three years and **88.9%** over the coming five years[17](index=17&type=chunk) [Cash Flow Statement](index=5&type=section&id=CASH_FLOW_STATEMENT) TORM reported significant increases in net cash flow from operating and investing activities for Q1-Q3 and Q3 2022, while financing activities saw a decrease [Operating Activities](index=5&type=section&id=Operating_Activities) Net cash flow from operating activities significantly increased in Q3 and Q1-Q3 2022, primarily driven by higher TCE Net Cash Flow from Operating Activities (USDm) | Metric | Q3 2022 | Q3 2021 | Change | Q1-Q3 2022 | Q1-Q3 2021 | Change | | :------------ | :------ | :------ | :----- | :--------- | :--------- | :----- | | Net cash flow from operating activities | 165.3 | 12.0 | +153.3 | 254.3 | 35.2 | +219.1 | - The increase in net cash flow from operating activities was primarily driven by an increase in TCE[18](index=18&type=chunk) [Investing Activities](index=5&type=section&id=Investing_Activities) Net cash flow from investing activities turned positive due to vessel divestments and purchases Net Cash Flow from Investing Activities (USDm) | Metric | Q3 2022 | Q3 2021 | Change | Q1-Q3 2022 | Q1-Q3 2021 | Change | | :------------ | :------ | :------ | :----- | :--------- | :--------- | :----- | | Net cash flow from investing activities | 27.3 | -60.3 | +87.6 | 13.1 | -221.9 | +235.0 | - The increase was a result of the divestment of eight older vessels and the purchase of one newbuilding and one newer secondhand vessel for the nine-month period[19](index=19&type=chunk) - For the current quarter, the increase was primarily driven by the sale of four vessels delivered in Q3 2022[19](index=19&type=chunk) [Financing Activities](index=5&type=section&id=Financing_Activities) Net cash flow from financing activities decreased due to loan installments, reduced borrowings, and dividend payouts Net Cash Flow from Financing Activities (USDm) | Metric | Q3 2022 | Q3 2021 | Change | Q1-Q3 2022 | Q1-Q3 2021 | Change | | :------------ | :------ | :------ | :----- | :--------- | :--------- | :----- | | Net cash flow from financing activities | -101.9 | 48.3 | -150.2 | -188.2 | 201.4 | -389.6 | - The decrease was driven primarily by ordinary loan installments and fewer proceeds from borrowings due to reduced vessel purchase activities[20](index=20&type=chunk)[21](index=21&type=chunk) - The decrease was also driven by the dividend payout announced in connection with the Q2 2022 report of **USD 47.3 million**[21](index=21&type=chunk) [DISTRIBUTION](index=5&type=section&id=DISTRIBUTION) This section details TORM's dividend declaration [Dividend Declaration](index=5&type=section&id=Dividend_Declaration) TORM's Board of Directors approved a dividend of USD 1.46 per share for Q3 2022, totaling USD 119 million, in line with its distribution policy - A dividend of **USD 1.46 per share** has been approved by the Board of Directors for the three months ended 30 September 2022, with an expected total dividend of **USD 119 million**[22](index=22&type=chunk) - The distribution is in line with TORM's Distribution Policy, considering a cash position of **USD 238.5 million**, Working Capital Facilities of **USD 95.0 million**, restricted cash of **USD -14.5 million**, and earmarked proceeds of **USD -57.1 million**[22](index=22&type=chunk) [RISK AND UNCERTAINTIES](index=6&type=section&id=RISK_AND_UNCERTAINTIES) This section provides an overview of TORM's key risks [Overview of Risks](index=6&type=section&id=Overview_of_Risks) TORM's key risks and uncertainties remain consistent with those outlined in the 2021 Annual Report, primarily revolving around tanker freight rates and geopolitical events - A number of key risks and uncertainties could have a material impact on TORM's performance over the remaining three months of 2022, remaining unchanged from those published in the Annual Report 2021[24](index=24&type=chunk) [Specific Risk Factors](index=6&type=section&id=Specific_Risk_Factors) Key risks include sustained low tanker freight rates, the cyclical nature of the product tanker industry, and the impact of geopolitical events like the Russia-Ukraine war - Risk of sustained low tanker freight rates or of TORM not being able to predict and act on the development of these, as the company is active in the cyclical product tanker industry where earnings may also be affected by seasonality and geopolitical events[26](index=26&type=chunk) - The geopolitical risks increased significantly following Russia's invasion of Ukraine, increasing uncertainty on the general energy market and expecting increased volatility in freight rates, bunker cost, foreign exchange rates, and vessel values[26](index=26&type=chunk) - Risk of unexpected bunker price increases not covered by corresponding freight rate increases, and the risk of TORM not selling and purchasing vessels timely relative to market developments and business requirements[26](index=26&type=chunk) [THE PRODUCT TANKER MARKET](index=7&type=section&id=THE_PRODUCT_TANKER_MARKET) This section analyzes market conditions and outlook for product tankers [MARKET DEVELOPMENT IN Q3](index=7&type=section&id=MARKET_DEVELOPMENT_IN_Q3) The product tanker market was strong and volatile in Q3 2022, with benchmark MR earnings at an all-time high and modern product tanker prices increasing by approximately 20% - The product tanker market remained strong in Q3 2022, with benchmark MR earnings posting an all-time high level and LR2 benchmarks seeing the second-highest historical value[27](index=27&type=chunk) - Prices for modern product tankers increased by around **20%** from the previous quarter[27](index=27&type=chunk) - The market was supported by increased trade volumes and longer trade distances, partly due to Europe sourcing more products from the Middle East/Asia instead of Russia, and strong import demand in Latin America[28](index=28&type=chunk) [MARKET OUTLOOK](index=7&type=section&id=MARKET_OUTLOOK) The product tanker market is expected to continue strong performance into Q4 2022, supported by longer trade distances, China's exports, and low order books - The product tanker market has continued to show strong performance into Q4 2022[29](index=29&type=chunk) - Any potential slower volume growth is expected to be outweighed by longer trade distances arising from Europe's shift away from Russian diesel ahead of sanctions taking full effect in February 2023[29](index=29&type=chunk) - China's new batch of clean product exports in Q4 2022 (likely extended into Q1 2023) would significantly increase the resulting ton-mile, and the market remains supported by low order books and a potential replenishing of product inventories in the medium term[29](index=29&type=chunk)[30](index=30&type=chunk) [OUTLOOK FOR Q3 AND FULL YEAR 2022](index=8&type=section&id=OUTLOOK_FOR_Q3_AND_FULL_YEAR_2022) This section provides TORM's financial projections for the remainder of 2022 [FINANCIAL OUTLOOK FOR 2022](index=8&type=section&id=FINANCIAL_OUTLOOK_FOR_2022) TORM anticipates higher rates and a return to net profit before tax for FY 2022, with a break-even TCE rate of approximately USD 15,000 per day - For 2022, TORM expects higher rates than in 2021 (2021: **USD 13,703/day**) and to return to a net profit before tax (2021: loss of **USD 41 million**)[33](index=33&type=chunk) - TORM expects to maintain a low-cost base with a break-even TCE rate in FY 2022 of approximately **USD 15,000/day**[33](index=33&type=chunk) [PBT Sensitivity](index=8&type=section&id=PBT_Sensitivity) As of November 6, 2022, TORM had covered 55% of its remaining earning days at a high TCE rate, projecting a significant profit before tax for the full year Profit Before Tax Sensitivity to USD 1,000 / Day TCE Earnings | | 1H 2022 | 2H 2022 | FY 2022 | | :--- | :------ | :------ | :------ | | Earning days | 14,866 | 13,893 | 28,759 | | Open days | - | 3,065 | 3,065 | | Coverage Ratio | 100.0% | 77.9% | 89.2% | | PBT effect (USDm) | USD 0m | USD 3m | USD 3m | - As of 06 November 2022, TORM had covered **55%** of the remaining earning days in 2022 at **USD 45,257/day**[34](index=34&type=chunk) - Assuming an unchanged TCE rate of **USD 45,257/day** for the rest of 2022, profit before tax excluding non-recurrent items is estimated to amount to **USD 539-546 million**[34](index=34&type=chunk) [COVERED AND CHARTERED-IN DAYS IN TORM – DATA AS OF 30 SEPTEMBER 2022](index=9&type=section&id=COVERED_AND_CHARTERED-IN_DAYS_IN_TORM_%E2%80%93_DATA_AS_OF_30_SEPTEMBER_2022) This section provides TORM's fleet coverage data [Fleet Coverage Data](index=9&type=section&id=Fleet_Coverage_Data) This section details TORM's total physical days and covered days for its LR2, LR1, and MR vessel segments for the remainder of the year, 2023, and 2024, along with corresponding coverage rates Covered and Chartered-in Days in TORM | | ROY | 2023 | 2024 | | :--- | :--- | :--- | :--- | | **Total physical days** | | | | | LR2 | 1,084 | 4,593 | 4,611 | | LR1 | 618 | 2,837 | 2,912 | | MR | 5,142 | 20,132 | 20,505 | | Total | 6,844 | 27,562 | 28,028 | | **Covered days** | | | | | LR2 | 125 | - | - | | LR1 | 48 | - | - | | MR | 1,038 | 145 | - | | Total | 1,212 | 145 | - | | **Covered, %** | | | | | LR2 | 12 | - | - | | LR1 | 8 | - | - | | MR | 20 | 1 | - | | Total | 18 | - | - | | **Coverage rates, USD/day** | | | | | LR2 | 70,685 | - | - | | LR1 | 72,718 | - | - | | MR | 44,124 | 16,008 | - | | Total | 48,010 | 16,008 | - | - Fair value of freight rate contracts that are mark-to-market in the income statement: Contracts not included above: **USD 2.4 million**; Contracts included above: **USD –8.2 million**[38](index=38&type=chunk) [EARNINGS DATA](index=10&type=section&id=EARNINGS_DATA) This section presents TORM's quarterly segment earnings [Quarterly Segment Earnings](index=10&type=section&id=Quarterly_Segment_Earnings) This section provides detailed quarterly earnings data for TORM's various vessel segments, highlighting significant year-over-year increases in spot rates and TCE across most segments in Q3 2022 TORM Quarterly Earnings Data by Vessel Segment | Metric | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Change Q3 21 - Q3 22 | | :-------------------------------- | :------ | :------ | :------ | :------ | :------ | :------------------- | | **LR2 vessels** | | | | | | | | Available earning days | 1,143 | 1,201 | 1,340 | 1,306 | 1,184 | 4% | | Spot rates ¹⁾ (USD) | 13,217 | 16,658 | 17,220 | 39,027 | 52,595 | 298% | | TCE per earning day ²⁾ (USD) | 15,315 | 15,529 | 18,432 | 30,741 | 55,532 | 263% | | Operating expenses per operating day (USD) | 6,833 | 7,276 | 6,615 | 6,961 | 7,196 | 5% | | **LR1 vessels** | | | | | | | | Available earning days | 760 | 828 | 694 | 691 | 685 | -10% | | Spot rates ¹⁾ (USD) | 11,694 | 15,196 | 20,201 | 36,535 | 51,089 | 337% | | TCE per earning day ²⁾ (USD) | 11,211 | 16,347 | 16,424 | 33,269 | 51,102 | 356% | | Operating expenses per operating day (USD) | 6,271 | 6,527 | 6,668 | 6,588 | 6,640 | 6% | | **MR vessels** | | | | | | | | Available earning days | 5,227 | 5,348 | 5,254 | 5,309 | 5,161 | -1% | | Spot rates ¹⁾ (USD) | 12,578 | 13,194 | 16,525 | 34,115 | 43,284 | 244% | | TCE per earning day ²⁾ (USD) | 12,785 | 13,329 | 16,462 | 29,174 | 40,968 | 220% | | Operating expenses per operating day (USD) | 6,402 | 6,694 | 6,391 | 6,808 | 7,055 | 10% | | **Handy vessels** | | | | | | | | Available earning days | 184 | 184 | 180 | 92 | 6 | -97% | | Spot rates ¹⁾ (USD) | 6,283 | 10,444 | 13,391 | 12,602 | 12,505 | 99% | | TCE per earning day ²⁾ (USD) | 6,304 | 10,060 | 13,614 | 12,196 | 6,397 | 1% | | Operating expenses per operating day (USD) | 7,007 | 6,387 | 5,762 | 6,455 | 11,462 | 64% | | **Tanker segment** | | | | | | | | Available earning days | 7,314 | 7,561 | 7,468 | 7,398 | 7,035 | -4% | | Spot rates ¹⁾ (USD) | 12,350 | 13,805 | 16,884 | 34,844 | 45,646 | 270% | | TCE per earning day ²⁾ (USD) | 12,854 | 13,929 | 16,743 | 29,622 | 44,376 | 245% | | Operating expenses per operating day (USD) | 6,467 | 6,762 | 6,445 | 6,809 | 7,041 | 9% | [TORM FLEET DEVELOPMENT](index=11&type=section&id=TORM_FLEET_DEVELOPMENT) This section outlines TORM's fleet composition and changes [Fleet Composition](index=11&type=section&id=Fleet_Composition) As of 30 September 2022, TORM's operating fleet consisted of 78 vessels, including 55 owned product tankers and 23 vessels under sale-and-leaseback agreements TORM Fleet Development (Q2 2022 vs. Q3 2022) | | Q2 2022 | Changes | Q3 2022 | | :------------------------ | :------ | :------ | :------ | | **Owned vessels** | | | | | LR2 | 9 | -2 | 7 | | LR1 | 8 | - | 8 | | MR | 41 | -1 | 40 | | Handysize | 1 | -1 | - | | Total | 59 | -4 | 55 | | **Chartered-in and leaseback vessels** | | | | | LR2 | 5 | 1 | 6 | | LR1 | - | - | - | | MR | 17 | - | 17 | | Handysize | - | - | - | | Total | 22 | - | 23 | | **Total fleet** | 81 | -3 | 78 | [Fleet Changes in Q3 2022](index=11&type=section&id=Fleet_Changes_in_Q3_2022) During Q3 2022, TORM delivered four vessels and took delivery of one second-hand LR2 vessel financed under a sale-and-leaseback agreement - During Q3 2022, TORM delivered four vessels including two LR2 vessels (TORM Valborg and TORM Ingeborg), one MR vessel (TORM Moselle) and the last handysize vessel (TORM Gyda)[44](index=44&type=chunk) - TORM took delivery of a second-hand LR2 vessel (TORM Hannah) in August 2022, which is financed under a sale-and-leaseback agreement[44](index=44&type=chunk) [RESPONSIBILITY STATEMENT](index=12&type=section&id=RESPONSIBILITY_STATEMENT) This section contains the Board's confirmation of the financial statements [Board Confirmation](index=12&type=section&id=Board_Confirmation) The Board of Directors confirms that the condensed consolidated financial statements for Q1-Q3 2022 comply with IAS 34 and provide a true and fair view of the Group's financial position and performance - The condensed consolidated set of financial statements has been prepared in accordance with IAS 34 and gives a true and fair view of the Group's financial position as of 30 September 2022 as well as of the Group's financial performance and cash flow for the period 01 January – 30 September 2022[49](index=49&type=chunk) - The interim management report includes a fair review of the development and performance of the Group's business and of the financial position as a whole and a description of the principal risks and uncertainties for the remaining three months of 2022[49](index=49&type=chunk) [CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=13&type=section&id=CONDENSED_CONSOLIDATED_FINANCIAL_STATEMENTS) This section presents TORM's core financial statements [CONDENSED CONSOLIDATED INCOME STATEMENT](index=13&type=section&id=CONDENSED_CONSOLIDATED_INCOME_STATEMENT) TORM reported a significant turnaround in profitability for Q3 and Q1-Q3 2022, moving from losses to substantial profits, driven by increased revenue and TCE earnings Condensed Consolidated Income Statement (USDm) | Metric | Q3 2022 | Q3 2021 | Q1-Q3 2022 | Q1-Q3 2021 | FY 2021 | | :----------------------------------- | :------ | :------ | :--------- | :--------- | :------ | | Revenue | 448.1 | 155.5 | 996.0 | 430.4 | 619.5 | | Operating profit/(loss) (EBIT) | 228.6 | -3.7 | 369.9 | -2.9 | 1.4 | | Profit/(loss) before tax | 217.3 | -14.1 | 335.0 | -32.8 | -40.8 | | Net profit/(loss) for the period | 217.1 | -14.7 | 334.1 | -33.9 | -42.1 | | Basic earnings/(loss) per share (USD)| 2.66 | -0.18 | 4.12 | -0.44 | -0.54 | [CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME](index=14&type=section&id=CONDENSED_CONSOLIDATED_STATEMENT_OF_COMPREHENSIVE_INCOME) Total comprehensive income for Q3 and Q1-Q3 2022 significantly improved, primarily due to net profit and positive fair value adjustments on hedging instruments Condensed Consolidated Statement of Comprehensive Income (USDm) | Metric | Q3 2022 | Q3 2021 | Q1-Q3 2022 | Q1-Q3 2021 | FY 2021 | | :----------------------------------- | :------ | :------ | :--------- | :--------- | :------ | | Net profit/(loss) for the year | 217.1 | -14.7 | 334.1 | -33.9 | -42.1 | | Fair value adjustment on hedging instruments | 15.5 | -1.5 | 50.5 | 2.7 | 8.4 | | Other comprehensive income/(loss) after tax | 14.8 | 1.3 | 53.8 | 8.0 | 16.9 | | Total comprehensive income/(loss) for the period | 231.9 | -13.4 | 387.9 | -25.9 | -25.2 | [CONDENSED CONSOLIDATED BALANCE SHEET](index=15&type=section&id=CONDENSED_CONSOLIDATED_BALANCE_SHEET) TORM's balance sheet shows an increase in total assets and equity as of 30 September 2022, while total liabilities decreased, reflecting improved financial health Condensed Consolidated Balance Sheet (USDm) | Metric | 30 September 2022 | 30 September 2021 | 31 December 2021 | | :----------------------------------- | :---------------- | :---------------- | :--------------- | | Total non-current assets | 1,893.9 | 1,972.0 | 1,967.7 | | Total current assets | 651.2 | 263.3 | 363.3 | | TOTAL ASSETS | 2,545.1 | 2,235.3 | 2,331.0 | | Total equity | 1,403.4 | 1,050.0 | 1,052.2 | | Total non-current liabilities | 928.6 | 908.0 | 971.6 | | Total current liabilities | 213.1 | 277.3 | 307.2 | | Total liabilities | 1,141.7 | 1,185.3 | 1,278.8 | | TOTAL EQUITY AND LIABILITIES | 2,545.1 | 2,235.3 | 2,331.0 | [CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY](index=16&type=section&id=CONDENSED_CONSOLIDATED_STATEMENT_OF_CHANGES_IN_EQUITY) Equity attributable to TORM plc shareholders increased significantly from USD 1,052.2 million at the beginning of 2022 to USD 1,401.0 million by 30 September 2022 Condensed Consolidated Statement of Changes in Equity (USDm) | Metric | Equity as of 1 January 2022 | Total comprehensive income/(loss) for the period | Capital increase | Share-based compensation | Dividend | Non-controlling interest arising on acquisition | Equity as of 30 September 2022 | | :--- | :-------------------------- | :----------------------------------------------- | :--------------- | :----------------------- | :------- | :-------------------------------------------- | :----------------------------- | | Total | 1,052.2 | 387.9 | 6.7 | 1.6 | -47.3 | 2.4 | 1,403.4 | [CONDENSED CONSOLIDATED CASHFLOW STATEMENT](index=17&type=section&id=CONDENSED_CONSOLIDATED_CASHFLOW_STATEMENT) TORM generated substantial positive cash flow from operating activities in Q1-Q3 2022, a positive shift in investing activities, and a net outflow from financing activities Condensed Consolidated Cashflow Statement (USDm) | Metric | Q1-Q3 2022 | Q1-Q3 2021 | FY 2021 | | :----------------------------------- | :--------- | :--------- | :------ | | Net cash flow from operating activities | 254.3 | 35.2 | 47.9 | | Net cash flow from investing activities | 13.1 | -221.9 | -290.6 | | Net cash flow from financing activities | -188.2 | 201.4 | -242.7 | | Net cash flow from operating, investing and financing activities | 79.2 | 14.7 | -485.4 | | Cash and cash equivalents including restricted cash ending balance | 238.5 | 109.9 | 171.7 | [CONDENSED CONSOLIDATED INCOME STATEMENT SEGMENT REPORTING](index=18&type=section&id=CONDENSED_CONSOLIDATED_INCOME_STATEMENT_SEGMENT_REPORTING) The Tank segment was the primary driver of revenue and profit, while the newly acquired Marine Exhaust segment contributed a small but positive amount Condensed Consolidated Income Statement Segment Reporting (USDm) | Metric | Q3 2022 Tank | Q3 2022 Marine Exhaust | Q3 2022 Total | Q1-Q3 2022 Tank | Q1-Q3 2022 Marine Exhaust | Q1-Q3 2022 Total | | :--- | :----------- | :--------------------- | :------------ | :-------------- | :------------------------ | :--------------- | | Revenue | 446.7 | 1.4 | 448.1 | 994.6 | 1.4 | 996.0 | | Operating profit/(loss) (EBIT) | 228.5 | 0.1 | 228.6 | 369.8 | 0.1 | 369.9 | | Profit/(loss) before tax | 217.2 | 0.1 | 217.3 | 334.9 | 0.1 | 335.0 | | Net profit/(loss) for the period | 217.0 | 0.1 | 217.1 | 334.0 | 0.1 | 334.1 | [CONDENSED CONSOLIDATED BALANCE SHEET SEGMENT REPORTING](index=19&type=section&id=CONDENSED_CONSOLIDATED_BALANCE_SHEET_SEGMENT_REPORTING) The Tank segment holds the vast majority of assets and liabilities, with the Marine Exhaust segment contributing a small portion to the total balance sheet Condensed Consolidated Balance Sheet Segment Reporting (USDm) | Metric | 30 September 2022 Tank | 30 September 2022 Marine Exhaust | 30 September 2022 Total | | :--- | :--------------------- | :------------------------------- | :---------------------- | | Total non-current assets | 1,889.9 | 4.0 | 1,893.9 | | Total current assets | 634.9 | 16.3 | 651.2 | | TOTAL ASSETS | 2,524.8 | 20.3 | 2,545.1 | | Total equity | 1,397.3 | 6.1 | 1,403.4 | | Total liabilities | 1,127.5 | 14.2 | 1,141.7 | | TOTAL EQUITY AND LIABILITIES | 2,524.8 | 20.3 | 2,545.1 | [NOTES TO THE FINANCIAL STATEMENTS](index=21&type=section&id=NOTES_TO_THE_FINANCIAL_STATEMENTS) This section provides detailed notes supporting the financial statements [NOTE 1 – STAFF COSTS](index=21&type=section&id=NOTE%201%20%E2%80%93%20STAFF%20COSTS) Total staff costs for Q1-Q3 2022 were USD 35.6 million, a decrease from USD 39.8 million in the same period last year Staff Costs (USDm) | Metric | Q3 2022 | Q3 2021 | Q1-Q3 2022 | Q1-Q3 2021 | FY 2021 | | :--- | :------ | :------ | :--------- | :--------- | :------ | | Included in operating expenses | 1.8 | 2.4 | 6.0 | 7.2 | 9.7 | | Included in administrative expenses | 9.3 | 10.2 | 29.6 | 32.6 | 42.4 | | Total staff costs | 11.1 | 12.6 | 35.6 | 39.8 | 52.1 | [NOTE 2 – VESSELS AND CAPITALIZED DRY-DOCKING](index=21&type=section&id=NOTE%202%20%E2%80%93%20VESSELS%20AND%20CAPITALIZED%20DRY-DOCKING) The carrying amount of vessels and capitalized dry-docking was USD 1,876.2 million as of 30 September 2022, with no impairment indicated [Impairment Assessment](index=21&type=section&id=Impairment_Assessment) TORM found no indication of impairment and no need to reassess the recoverable amount for vessels as of 30 September 2022 - Based on a combined assessment of significant assumptions used in fair value and value in use calculations, TORM found no indication of impairment and no need to reassess the recoverable amount as of 30 September 2022[63](index=63&type=chunk) [Assets Held for Sale](index=21&type=section&id=Assets_Held_for_Sale) During the first nine months of 2022, TORM sold seven vessels, resulting in a USD 10.0 million profit and USD 2.8 million impairment loss - During the first nine months of 2022, TORM sold seven vessels, resulting in an impairment loss of **USD 2.8 million** and a profit of **USD 10.0 million** recognized in the income statement[64](index=64&type=chunk) - Two vessels are no longer held for sale and reclassified to Vessels and capitalized dry-docking[64](index=64&type=chunk) [NOTE 3 – PREPAYMENTS ON VESSELS](index=22&type=section&id=NOTE%203%20%E2%80%93%20PREPAYMENTS%20ON%20VESSELS) Prepayments on vessels decreased to zero as of 30 September 2022, following additions and transfers to vessels Prepayments on Vessels (USDm) | Metric | 30 September 2022 | 30 September 2021 | 31 December 2021 | | :--- | :---------------- | :---------------- | :--------------- | | Balance as of beginning of period | 12.0 | 12.0 | 12.0 | | Additions | 43.1 | 38.3 | 78.6 | | Transferred to vessels | -55.1 | -27.5 | -78.6 | | Carrying amount | - | 22.8 | 12.0 | [NOTE 4 – BORROWINGS](index=22&type=section&id=NOTE%204%20%E2%80%93%20BORROWINGS) Total borrowings amounted to USD 1,003.8 million as of 30 September 2022, with TORM in compliance with all financial covenants Mortgage Debt and Bank Loans Repayment Schedule (USDm) | Metric | 30 September 2022 | 30 September 2021 | 31 December 2021 | | :--- | :---------------- | :---------------- | :--------------- | | Falling due within one year | 116.8 | 177.7 | 209.2 | | Falling due between one and two years | 129.8 | 132.9 | 128.1 | | Falling due between two and three years | 133.0 | 143.8 | 138.3 | | Falling due between three and four years | 186.2 | 143.2 | 134.1 | | Falling due between four and five years | 56.0 | 210.4 | 181.3 | | Falling due after five years | 382.0 | 238.4 | 351.8 | | Total | 1,003.8 | 1,046.4 | 1,142.8 | - As of 30 September 2022, TORM was in compliance with the financial covenants and expects to remain in compliance for the remaining period of 2022[69](index=69&type=chunk) [NOTE 5 – DERIVATIVE FINANCIAL INSTRUMENTS](index=22&type=section&id=NOTE%205%20%E2%80%93%20DERIVATIVE%20FINANCIAL%20INSTRUMENTS) The fair value of derivative financial instruments was USD 45.7 million as of 30 September 2022, primarily driven by interest rate swaps Fair Value of Derivatives (USDm) | Metric | 30 September 2022 | | :--- | :---------------- | | Forward freight agreements - fair value through profit and loss | -8.2 | | Bunker swaps - fair value through profit and loss | 2.2 | | Bunker swaps - hedge accounting | 0.2 | | Forward exchange contracts - hedge accounting | -3.7 | | Interest rate swaps - hedge accounting | 55.2 | | Total | 45.7 | [NOTE 6 – PROVISIONS](index=23&type=section&id=NOTE%206%20%E2%80%93%20PROVISIONS) TORM settled one cargo claim in August 2022, leading to a reversal of USD 6.3 million in provisions. The total remaining provision for claims is USD 6.5 million - In August 2022, TORM settled one cargo claim and reassessed its provisions for the remaining part of the case complex, reversing provisions amounting to **USD 6.3 million**[74](index=74&type=chunk) - The total amount as of 30 September 2022 relating to the claims is **USD 6.5 million**, with legal proceedings still ongoing[74](index=74&type=chunk) [NOTE 7 – CONTINGENT LIABILITIES](index=23&type=section&id=NOTE%207%20%E2%80%93%20CONTINGENT%20LIABILITIES) Management believes that the outcome of current legal proceedings and disputes will not have a material impact on TORM's financial position, results, or cash flows - Management's opinion is that the outcome of current legal proceedings and disputes will not have any material impact on TORM's financial position, results of operations and cash flows[75](index=75&type=chunk) [NOTE 8 – CONTRACTUAL OBLIGATIONS AND RIGHTS](index=23&type=section&id=NOTE%208%20%E2%80%93%20CONTRACTUAL%20OBLIGATIONS%20AND%20RIGHTS) Contractual obligations for scrubber investments and other minor commitments decreased to USD 23.2 million as of 30 September 2022 Contractual Obligations (USDm) | Metric | 30 September 2022 | 30 September 2021 | 31 December 2021 | | :--- | :---------------- | :---------------- | :--------------- | | Contractual obligations regarding scrubber investments and other minor commitments | 23.2 | 78.3 | 39.9 | [NOTE 9 – POST BALANCE SHEET DATE EVENTS](index=23&type=section&id=NOTE%209%20%E2%80%93%20POST%20BALANCE%20SHEET%20DATE%20EVENTS) After the reporting date, TORM's Board declared a dividend of USD 1.46 per share (totaling USD 119 million) for Q3 2022 - After the reporting date, TORM's Board of Directors has decided to declare a dividend of **USD 1.46 per share**, with an expected total dividend payment of **USD 119 million**[77](index=77&type=chunk) - Payment is expected on 08 December 2022 based on shareholders on record on 23 November 2022, with the ex-dividend date on 22 November 2022[77](index=77&type=chunk) [NOTE 10 – RELATED PARTY TRANSACTIONS](index=23&type=section&id=NOTE%2010%20%E2%80%93%20RELATED%20PARTY%20TRANSACTIONS) On September 1, 2022, TORM acquired a 75% ownership stake in Marine Exhaust Technology A/S, gaining control over its joint venture entity - 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 Ltd in Hong Kong[78](index=78&type=chunk) - Until 01 September 2022, TORM's transactions with its joint venture entity producing scrubbers for the TORM fleet covered CAPEX of **USD 5.6 million** in total[78](index=78&type=chunk) [NOTE 11 – ACCOUNTING POLICIES & GOING CONCERN](index=23&type=section&id=NOTE%2011%20%E2%80%93%20ACCOUNTING%20POLICIES%20%26%20GOING%20CONCERN) This note outlines the basis of preparation, significant accounting policies, updates, and the going concern assessment, confirming TORM's ability to continue operations [General Information](index=23&type=section&id=General_Information) The interim report for the period 01 January-30 September 2022 is not audited or reviewed - The interim report for the period 01 January-30 September 2022 is not audited or reviewed[81](index=81&type=chunk) [Significant Accounting Policies](index=23&type=section&id=Significant_Accounting_Policies) The interim report is prepared in accordance with IAS 34, using the same accounting policies as the Annual Report 2021, with updates for business combinations - The interim report is presented in accordance with IAS 34 "Interim Financial Reporting" as adopted in the UK and by the IASB and EU, and has been prepared using the same accounting policies and methods of computation as in the Annual Report 2021 except for changes following the acquisition of Marine Exhaust Technology A/S[82](index=82&type=chunk)[83](index=83&type=chunk) [Update of Accounting Policies](index=23&type=section&id=Update_of_Accounting_Policies) TORM implemented Annual Improvements to IFRS 2018-2020 and amendments to IFRS 3, IAS 16, and IAS 37, with no material impact - TORM implemented Annual Improvements to IFRS 2018-2020, Amendments to IFRS 3, IAS 16, and IAS 37, effective 01 January 2022, which are assessed to have no material impact on the consolidated financial statements[83](index=83&type=chunk)[87](index=87&type=chunk) [Business Combinations](index=23&type=section&id=Business_Combinations) Business combinations are accounted for by applying the purchase method, measuring acquired assets and liabilities at fair value - Business combinations are accounted for by applying the purchase method, whereby the acquired entities' identifiable assets, liabilities and contingent liabilities are measured at fair value at the acquisition date[86](index=86&type=chunk) [Goodwill](index=24&type=section&id=Goodwill) Goodwill is measured as the excess of the cost of the business combination over the fair value of acquired net assets and is tested for impairment annually - Goodwill is measured as the excess of the cost of the business combination over the fair value of the acquired assets, liabilities and contingent liabilities, recognized as an asset under intangible assets, not amortized, but tested for impairment at least once every year[90](index=90&type=chunk) [Segment Information](index=24&type=section&id=Segment_Information) The Group has two operating segments: 'Tank' for refined oil products transportation and 'Marine Exhaust' for marine equipment - The Group has two operating segments: the 'Tank' segment (transportation of refined oil products) and the 'Marine Exhaust' segment (developing and producing advanced and green marine equipment)[91](index=91&type=chunk) - It is not possible to provide geographical segment information for either segment due to the global product tanker market and internal management reporting structure[92](index=92&type=chunk) [Cash-Generating Units](index=24&type=section&id=Cash-Generating_Units) TORM revised its cash-generating units to the Tanker Fleet and Marine Exhaust following an acquisition and vessel disposals - Following the acquisition of Marine Exhaust Technology A/S and the disposal of two handysize vessels, TORM has revised its cash-generating units to two: the Tanker Fleet and the Marine Exhaust cash-generating unit[94](index=94&type=chunk) [Going Concern](index=24&type=section&id=Going_Concern) TORM's available liquidity was USD 333.5 million as of 30 September 2022, with the Board expecting continued operational existence and covenant compliance - As of 30 September 2022, TORM's available liquidity was **USD 333.5 million**, including a total cash position of **USD 238.5 million** and **USD 95.0 million** undrawn credit facilities[95](index=95&type=chunk) - The Board of Directors has a reasonable expectation that TORM will be able to continue in operational existence and comply with its financial covenants in the period until 31 December 2023[98](index=98&type=chunk) - TORM continues to pay special attention to the significantly increased geopolitical risk following Russia's invasion of Ukraine, but currently expects that the possible effects are covered within the sensitivity calculations[97](index=97&type=chunk) [NOTE 12 – BUSINESS COMBINATION](index=25&type=section&id=NOTE%2012%20%E2%80%93%20BUSINESS%20COMBINATION) On September 1, 2022, TORM acquired a 75% stake in Marine Exhaust Technology A/S for USD 2.0 million cash, recognizing USD 1.9 million in goodwill - On 01 September 2022, TORM acquired an ownership stake of **75%** of Marine Exhaust Technology A/S (MET) for a cash consideration of **USD 2.0 million**[99](index=99&type=chunk) - TORM obtained control over the joint venture entity Marine Exhaust Technology Ltd in Hong Kong, leading to a gain of **USD 0.3 million** recognized in the share of profit/loss from joint ventures[99](index=99&type=chunk)[102](index=102&type=chunk) - Goodwill of **USD 1.9 million** was recognized, representing the value of expected synergies arising from the acquisition and allocated entirely to the Marine Exhaust segment[103](index=103&type=chunk) - Since the acquisition, the acquired entity generated **USD 1.4 million** in revenue and **USD 0.1 million** in profit, recognized in the consolidated income statement[104](index=104&type=chunk) Provisional Fair Values of Assets Acquired and Liabilities Assumed (USDm) | Metric | 1 September 2022 | | :--- | :----------------- | | Intangible assets | 0.5 | | Tangible fixed assets | 1.6 | | Inventories | 5.6 | | Trade receivables | 1.8 | | Cash and cash equivalents | 3.0 | | Borrowings | -6.9 | | Net identifiable assets acquired | 4.1 | | Goodwill | 1.9 | | Total net assets acquired | 6.0 | | Of which fair value of non-controlling interest | -2.4 | | Total purchase consideration | 3.6 | | Cash consideration | 2.0 | | Fair value previously held interests | 1.6 | | Acquisition of subsidiaries, net of cash acquired | 1.0 | [CONDENSED CONSOLIDATED INCOME STATEMENT PER QUARTER](index=26&type=section&id=CONDENSED_CONSOLIDATED_INCOME_STATEMENT_PER_QUARTER) This section presents TORM's quarterly income statement [Quarterly Income Statement Performance](index=26&type=section&id=Quarterly_Income_Statement_Performance) TORM's quarterly income statement shows a strong upward trend in revenue and profitability throughout 2022, with Q3 2022 marking the highest quarterly performance Condensed Consolidated Income Statement Per Quarter (USDm) | Metric | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | | :----------------------------------- | :------ | :------ | :------ | :------ | :------ | | Revenue | 448.1 | 338.5 | 209.4 | 189.1 | 155.5 | | Operating profit/(loss) (EBIT) | 228.6 | 118.7 | 22.6 | 4.3 | -3.7 | | Profit/(loss) before tax | 217.3 | 107.0 | 10.7 | -8.0 | -14.1 | | Net profit/(loss) for the period | 217.1 | 106.6 | 10.4 | -8.2 | -14.7 | | Basic earnings/(loss) per share (USD)| 2.66 | 1.31 | 0.13 | -0.10 | -0.18 | [CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW PER QUARTER](index=27&type=section&id=CONDENSED_CONSOLIDATED_STATEMENT_OF_CASH_FLOW_PER_QUARTER) This section presents TORM's quarterly cash flow statement [Quarterly Cash Flow Performance](index=27&type=section&id=Quarterly_Cash_Flow_Performance) TORM's quarterly cash flow statement demonstrates a strong positive trend in operating cash flow throughout 2022, with Q3 2022 showing the highest inflow Condensed Consolidated Statement of Cash Flow Per Quarter (USDm) | Metric | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | | :----------------------------------- | :------ | :------ | :------ | :------ | :------ | | Net cash flow from operating activities | 165.3 | 71.1 | 17.9 | 12.7 | 12.0 | | Net cash flow from investing activities | 27.3 | 25.5 | -39.7 | -68.7 | -60.3 | | Net cash flow from financing activities | -101.9 | -38.2 | -48.1 | 96.6 | 48.3 | | Cash and cash equivalents including restricted cash, ending balance | 238.5 | 157.7 | 94.6 | 171.7 | 109.9 | [GLOSSARY](index=29&type=section&id=GLOSSARY) This section provides definitions of key financial terms [KEY FINANCIAL FIGURES](index=29&type=section&id=KEY_FINANCIAL_FIGURES) This section defines standard financial ratios such as TCE per day, Gross profit %, EBITDA %, Operating profit/(loss) %, Return on Equity (RoE) %, Return on Invested Capital (RoIC) %, Equity ratio, and Earnings per share (EPS) - Definitions are provided for key financial figures including TCE per day, Gross profit %, EBITDA %, Operating profit/(loss) %, Return on Equity (RoE) %, Return on Invested Capital (RoIC) %, Equity ratio, and Earnings per share (EPS)[110](index=110&type=chunk) [ALTERNATIVE PERFORMANCE MEASURES GROUP](index=30&type=section&id=ALTERNATIVE_PERFORMANCE_MEASURES_GROUP) This section defines and reconciles several alternative performance measures for the Group, including Net profit/(loss) for the year excluding non-recurrent items, Gross profit, and various capital and liquidity metrics - Definitions and reconciliations are provided for Alternative Performance Measures (APMs) for the Group, including Net profit/(loss) for the year excluding non-recurrent items, Gross profit, Return on Invested Capital (RoIC), Adjusted Return on Invested Capital (Adjusted RoIC), EBITDA, Invested capital, Net interest-bearing debt, Liquidity, Free cash flow, and Net Asset Value per share[111](index=111&type=chunk)[112](index=112&type=chunk)[114](index=114&type=chunk)[115](index=115&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk)[122](index=122&type=chunk) [ALTERNATIVE PERFORMANCE MEASURES TANK SEGMENT](index=34&type=section&id=ALTERNATIVE_PERFORMANCE_MEASURES_TANK_SEGMENT) This section defines alternative performance measures specific to the Tank segment, including Time Charter Equivalent (TCE) earnings and Net Loan-to-value (LTV) - Definitions and reconciliations are provided for Alternative Performance Measures (APMs) specific to the Tank segment, including Time Charter Equivalent (TCE) earnings and Net Loan-to-value (LTV) ratio[123](index=123&type=chunk)[124](index=124&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk)

TORM plc (NASDAQ:TRMD) Q3 2022 Earnings Conference Call November 10, 2022 9:00 AM ET Company Participants Andreas Abildgaard-Hein - Head of Investor Relations Jacob Meldgaard - Chief Executive Officer & Executive Director Kim Balle - Chief Financial Officer Conference Call Participants Jon Chappell - Evercore Anders Karlsen - Kepler Cheuvreux Operator Ladies and gentlemen, thank you for standing by. Welcome, and thank you for joining the TORM plc Third Quarter 2020 Results Call. Throughout today's recorded ...