TORM (TRMD) 6-K/A 29 Sep 22 2022 Q2 Current report (foreign) (amended) Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION	6 Months Ended
	Jun. 30, 2022
Document Information [Line Items]
Document Type	6-K/A
Document Period End Date	Jun. 30, 2022
Entity Registrant Name	TORM plc
Entity Central Index Key	0001655891
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	true
Amendment Description	This Amendment No. 1 to the 6-K of TORM plc (the “Company”) that was filed with the Securities and Exchange Commission on August 18, 2022 is being filed solely to (i) include interactive data files in inline eXtensible Business Reporting Language (iXBRL) in connection with the Company’s interim results for the second quarter and half-year ended June 30, 2022 and (ii) provide a trading and fleet update

CONDENSED CONSOLIDATED INCOME S

CONDENSED CONSOLIDATED INCOME STATEMENT - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
CONSOLIDATED INCOME STATEMENT
Revenue	$ 338.5	$ 150.8	$ 547.9	$ 274.9	$ 619.5
Port expenses, bunkers and commissions	(128.9)	(47.3)	(214.9)	(94.7)	(240.9)
Operating expenses	(51.1)	(45.4)	(100.4)	(89.7)	(190.5)
Profit from sale of vessels	0.8		0.8
Administrative expenses	(12.5)	(13.2)	(25.9)	(26.8)	(51.5)
Other operating income and expenses	6.7	(0.1)	6.4	(0.1)	0.4
Share of profit/(loss) from joint ventures	(0.1)	(0.1)	(0.1)		(0.1)
Impairment losses and reversal of impairment on tangible assets	(0.2)	(0.8)	(2.8)	(0.8)	(4.6)
Depreciation	(34.5)	(31.5)	(69.7)	(62)	(130.9)
Operating profit/(loss) (EBIT)	118.7	12.4	141.3	0.8	1.4
Financial income	0.3		0.3	0.1	0.2
Financial expenses	(12)	(10)	(23.9)	(19.6)	(42.4)
Profit/(loss) before tax	107	2.4	117.7	(18.7)	(40.8)
Tax	(0.4)	(0.3)	(0.7)	(0.5)	(1.3)
Net profit/(loss) for the year	$ 106.6	$ 2.1	$ 117	$ (19.2)	$ (42.1)
EARNINGS PER SHARE
Basic earnings/(loss) per share (USD)	$ 1.31	$ 0.03	$ 1.44	$ (0.25)	$ (0.54)
Diluted earnings/(loss) per share (USD)	$ 1.31	$ 0.03	$ 1.44	$ (0.25)	$ (0.54)

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Net profit/(loss) for the year	$ 106.6	$ 2.1	$ 117	$ (19.2)	$ (42.1)
Items that may be reclassified to profit or loss:
Exchange rate adjustment arising from translation of entities using a functional currency different from USD	(0.2)	(0.2)	(0.3)	(0.2)	(0.2)
Fair value adjustment on hedging instruments	8	(0.5)	35	4.2	8.4
Fair value adjustment on hedging instruments transferred to income statement	1.3	1.3	4.3	2.6	8.7
Items that may not be reclassified to profit or loss:
Other comprehensive income/(loss) after tax	9.1	0.6	39	6.6	16.9
Total comprehensive income/(loss) for the year	$ 115.7	$ 2.7	$ 156	$ (12.6)	$ (25.2)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Income tax incurred relating to other comprehensive income/(loss) items	$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Tangible fixed assets
Land and buildings	$ 3.7	$ 4.8	$ 5.5
Vessels and capitalized dry-docking	1,836.8	1,937.8	1,878.3
Prepayments on vessels	4.3	12	33.2
Other plant and operating equipment	5.6	6.3	7.2
Total tangible fixed assets	1,850.4	1,960.9	1,924.2
Financial assets
Investments in joint ventures	1.3	1.5	1.6
Loan receivables	4.6	4.6	4.6
Deferred tax asset	0.6	0.7	0.7
Other investments	0.4
Total financial assets	6.9	6.8	6.9
Total non-current assets	1,857.3	1,967.7	1,931.1
CURRENT ASSETS
Bunkers	78.3	48.8	39.4
Freight receivables	171.9	84	61.5
Other receivables	77.3	40	40.8
Prepayments	9.4	5.6	3.2
Cash and cash equivalents, including restricted cash	157.7	171.7	111.3
Current assets, excluding assets held-for-sale	494.6	350.1	256.2
Assets held-for-sale	69.2	13.2
Total current assets	563.8	363.3	256.2
TOTAL ASSETS	2,421.1	2,331	2,187.3
EQUITY
Common shares	0.8	0.8	0.8
Share premium	165.2	159.8	143.6
Treasury shares	(4.2)	(4.2)	(4.2)
Hedging reserves	35.7	(3.6)	(13.8)
Translation reserves	(0.1)	0.2	0.2
Retained profit	1,017.3	899.2	921
Total equity	1,214.7	1,052.2	1,047.6
NON-CURRENT LIABILITIES
Non-current tax liability related to held over gains	45.2	45.2	45.2
Borrowings	910.7	926.4	823.7
Total non-current liabilities	955.9	971.6	868.9
CURRENT LIABILITIES
Borrowings	133.6	209	170.1
Trade payables	50.1	35.3	29.9
Current tax liabilities	1.1	0.9	1.3
Other liabilities	53.7	43.7	51.2
Provisions	12	18.3	18.3
Total current liabilities	250.5	307.2	270.8
Total liabilities	1,206.4	1,278.8	1,139.7
TOTAL EQUITY AND LIABILITIES	$ 2,421.1	$ 2,331	$ 2,187.3

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Millions	Common shares	Share premium.	Treasury shares	Hedging reserves	Translation reserves	Retained profit	Total
Equity at beginning of period at Dec. 31, 2020	$ 0.7	$ 102	$ (4.2)	$ (20.7)	$ 0.4	$ 939.3	$ 1,017.5
Comprehensive income/loss for the year:
Net profit/(loss) for the year						(19.2)	(19.2)
Other comprehensive income/(loss) for the year				6.9	(0.2)		6.6
Total comprehensive income/(loss) for the year				6.9	(0.2)	(19.2)	(12.6)
Capital increase	0.1	41.6					41.7
Transaction costs capital increase						(0.3)	(0.3)
Share-based compensation						1.2	1.2
Total changes in equity	0.1	41.6		6.9	(0.2)	(18.3)	30.1
Equity at end of period at Jun. 30, 2021	0.8	143.6	(4.2)	(13.8)	0.2	921	1,047.6
Equity at beginning of period at Dec. 31, 2020	0.7	102	(4.2)	(20.7)	0.4	939.3	1,017.5
Comprehensive income/loss for the year:
Net profit/(loss) for the year							(42.1)
Other comprehensive income/(loss) for the year							16.9
Total comprehensive income/(loss) for the year							(25.2)
Capital increase							57.9
Equity at end of period at Dec. 31, 2021	0.8	159.8	(4.2)	(3.6)	0.2	899.2	1,052.2
Comprehensive income/loss for the year:
Net profit/(loss) for the year						117	117
Other comprehensive income/(loss) for the year				39.3	(0.3)		39
Total comprehensive income/(loss) for the year				39.3	(0.3)	117	156
Capital increase		5.4					5.4
Share-based compensation						1.1	1.1
Total changes in equity		5.4		39.3	(0.3)	118.1	162.5
Equity at end of period at Jun. 30, 2022	$ 0.8	$ 165.2	$ (4.2)	$ 35.7	$ (0.1)	$ 1,017.3	$ 1,214.7

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
Disclosure of classes of share capital [line items]
Proceeds from Capital increase	$ 5.4
Capital increase	5.4
Restricted Share Units
Disclosure of classes of share capital [line items]
Increase through exercise of Restricted Share Units	$ 5.4

CONDENSED CONSOLIDATED CASHFLOW

CONDENSED CONSOLIDATED CASHFLOW STATEMENT $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
CASH FLOW FROM OPERATING ACTIVITIES
Net profit/(loss) for the year	$ 117	$ (19.2)	$ (42.1)
Reversals:
Profit from sale of vessels	(0.8)
Depreciation	69.7	62	130.9
Impairment losses	2.8	0.8	4.6
Share of profit/(loss) from joint ventures	0.1		0.1
Financial income	(0.3)	(0.2)	(0.2)
Financial expenses	23.9	19.7	42.4
Tax expenses	0.7	0.5	1.3
Other non-cash movements	6	(0.6)	1.3
Dividends received from joint ventures		0.3	0.3
Interest received and realized exchange gains	0.1	0.2	0.2
Interest paid and realized exchange losses	(26.1)	(19.9)	(41)
Income taxes paid	(0.3)	(0.1)	(1.4)
Change in bunkers, receivables and payables, etc.	(103.8)	(20.3)	(48.5)
Net cash flow from operating activities	89	23.2	47.9
CASH FLOW FROM INVESTING ACTIVITIES
Investment in tangible fixed assets	(59.6)	(210.5)	(319.8)
Sale of tangible fixed assets	42.9	10	10
Change in restricted cash	2.5	38.9	19.2
Net cash flow from investing activities	(14.2)	(161.6)	(290.6)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds, borrowings	58.2	210.6	548.9
Repayment, borrowings	(149.9)	(58.2)	(253.5)
Capital increase	5.4	1	2.9
Transaction costs share issue		(0.3)	(0.3)
Net cash flow from financing activities	(86.3)	153.1	298
Net cash flow from operating, investing and financing activities	(11.5)	14.7	55.3
Cash and cash equivalents beginning balance	144.8	89.5	89.5
Cash and cash equivalents ending balance	133.3	104.2	144.8
Restricted cash equivalents ending balance	24.4	7.1	26.9
Cash and cash equivalents, including restricted cash	$ 157.7	$ 111.3	$ 171.7

CONDENSED CONSOLIDATED CASHFL_2

CONDENSED CONSOLIDATED CASHFLOW STATEMENT (Parenthetical) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($) item	Dec. 31, 2021 USD ($) item
Disclosure of classes of share capital [line items]
Proceeds from Capital increase	$ 1	$ 2.9
Amount of non cash share issue	$ 40.7	$ 55
Number of vessels acquired | item	6	8
Capital increase	$ 41.7	$ 57.9

STAFF COSTS

STAFF COSTS	6 Months Ended
	Jun. 30, 2022
STAFF COSTS
STAFF COSTS	NOTE 1 – STAFF COSTS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ USDm Q2 2022 Q2 2021 Q1 ‑ Q2 2022 Q1 ‑ Q2 2021 FY 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in operating expenses 1.9 2.4 4.2 4.8 9.7 Included in administrative expenses 9.5 11.1 20.3 22.4 42.4 Total staff costs 11.4 13.5 24.5 27.2 52.1

VESSELS AND CAPITALIZED DRY-DOC

VESSELS AND CAPITALIZED DRY-DOCKING	6 Months Ended
	Jun. 30, 2022
VESSELS AND CAPITALIZED DRY-DOCKING
VESSELS AND CAPITALIZED DRY-DOCKING	NOTE 2 – VESSELS AND CAPITALIZED DRY-DOCKING Included in the carrying amount for “Vessels and capitalized dry-docking” are capitalized dry-docking costs in the amount of USD 50.6m (30 June 2021: USD 72.4m, 31 December 2021: USD 65.9m). The depreciation for the six months ended 30 June 2022 related to “Other plant and operating equipment” of USD 1.2m (30 June 2021: USD 1.2m, 31 December 2021: USD 2.4m) and “Land and buildings” of USD 1.1m (30 June 2021: USD 1.0m, 31 December 2021: USD 2.3m) is related to “Administrative expenses”. Impairment assessment For determination of the vessel values, TORM has carried out an impairment indicator assessment of the most significant assumptions used in the fair value and value in use calculations for the Annual Report 2021 (please refer to Note 8 in the Annual Report 2021). Based on an combined assessment, TORM has found that no impairment indicators are noted, and therefore, TORM does not find any need to reassess the recoverable amount as of 30 June 2022. Assets held for sale During the first six months of 2022, TORM sold six vessels and additionally three vessels were approved for sale as of 30 June 2022. Three of the vessels sold in in the first six months of 2022 have been delivered to the new owners and six vessels are presented as assets held for sale as of 30 June 2022. NOTE 2 – continued The sales resulted in an impairment loss of USD 2.8m and a profit of USD 0.8m which are recognized in the income statement. The fair value of the assets held for sale of USD 69.2 represents the sales price less expected transaction costs for six vessels. The vessels are expected to be delivered to the new owners during the second half of 2022. ​ ​ ​ ​ ​ ​ ​ ​ USDm 30 June 2022 30 June 2021 31 December 2021 ​ ​ ​ ​ ​ ​ ​ Cost: Balance as of beginning of period 2,443.3 2,160.1 2,160.1 Additions 14.4 224.3 290.3 Disposals (1.7) (15.2) (40.9) Transferred from prepayments 50.8 1.6 78.6 Transferred to assets held for sale (172.6) (17.2) (44.8) Balance 2,334.2 2,353.6 2,443.3 ​ ​ ​ ​ Depreciation: ​ ​ ​ Balance as of beginning of period 475.0 406.2 406.2 Disposals (1.7) (15.2) (40.9) Depreciation for the period 67.3 59.8 126.2 Transferred to assets held for sale (63.7) (6.5) (16.5) Balance 476.9 444.3 475.0 ​ ​ ​ ​ Impairment: ​ ​ ​ Balance as of beginning of period 30.5 31.4 31.4 Impairment losses on tangible fixed assets 2.8 0.8 4.6 Transferred to assets held for sale (12.8) (1.2) (5.5) Balance 20.5 31.0 30.5 ​ ​ ​ ​ Carrying amount 1,836.8 1,878.3 1,937.8 ​

PREPAYMENTS ON VESSELS

PREPAYMENTS ON VESSELS	6 Months Ended
	Jun. 30, 2022
PREPAYMENTS ON VESSELS
PREPAYMENTS ON VESSELS	NOTE 3 – PREPAYMENTS ON VESSELS ​ ​ ​ ​ ​ ​ ​ ​ USDm 30 June 2022 30 June 2021 31 December 2021 ​ ​ ​ ​ ​ ​ ​ Balance as of beginning of period 12.0 12.0 12.0 Additions 43.1 22.8 78.6 Transferred to vessels (50.8) (1.6) (78.6) Carrying amount 4.3 33.2 12.0 ​

BORROWINGS

BORROWINGS	6 Months Ended
	Jun. 30, 2022
BORROWINGS
BORROWINGS	NOTE 4 – BORROWINGS ​ ​ ​ ​ ​ ​ ​ ​ USDm 30 June 2022 30 June 2021 31 December 2021 ​ ​ ​ ​ ​ ​ ​ Mortgage debt and bank loans to be repaid as follows: Falling due within one year 134.1 170.0 209.2 Falling due between one and two years 123.0 124.3 128.1 Falling due between two and three years 130.0 122.1 138.3 Falling due between three and four years 210.3 126.0 134.1 Falling due between four and five years 89.1 207.2 181.3 Falling due after five years 365.7 248.9 351.8 Total 1,052.2 998.5 1,142.8 ​ NOTE 4 The presented amounts to be repaid do not include directly related costs arising from the issuing of the loans of USD 12.0m (30 June 2021: USD 11.6m, 31 December 2021: USD 13.0m), which are amortized over the term of the loans and debt regarding Land and buildings & Other plant and operating equipment USD 4.1m (30 June 2021: USD 6.9m, 31 December 2021: USD 5.6m). As of 30 June 2022, TORM was in compliance with the financial covenants. TORM expects to remain in compliance with the financial covenants in the remaining period of 2022.

PROVISIONS

PROVISIONS	6 Months Ended
	Jun. 30, 2022
PROVISIONS
PROVISIONS	NOTE 5 – PROVISIONS 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 has been initiated by TORM in the UK and in India against the customer and related individuals. TORM has previously made provisions for USD 18.3m in relation to the claims. In August 2022, TORM has settled one claim and reassessed its provisions for the remaining part of the case complex. TORM has reversed provisions amounting to USD 6.3m and the total amount as of 30 June 2022 relating to the claims is USD 12m. Legal proceedings are still ongoing and therefore the provisions recognized are subject to uncertainty relating to both timing and amounts.

CONTINGENT LIABILITIES

CONTINGENT LIABILITIES	6 Months Ended
	Jun. 30, 2022
CONTINGENT LIABILITIES
CONTINGENT LIABILITIES	NOTE 6 – CONTINGENT LIABILITIES TORM is involved in certain legal proceedings and disputes. It is Management’s opinion that the outcome of these proceedings and disputes will not have any material impact on the TORM’s financial position, results of operations and cash flows. ​

CONTRACTUAL OBLIGATIONS AND RIG

CONTRACTUAL OBLIGATIONS AND RIGHTS	6 Months Ended
	Jun. 30, 2022
CONTRACTUAL OBLIGATIONS AND RIGHTS
CONTRACTUAL OBLIGATIONS AND RIGHTS	NOTE 7 – CONTRACTUAL OBLIGATIONS AND RIGHTS As of 30 June 2022, TORM had contractual obligations regarding investment commitments including newbuilding and secondhand commitments of USD 49.2m (30 June 2021: USD 143.1m, 31 December 2021: USD 39.9m).

POST BALANCE SHEET DATE EVENTS

POST BALANCE SHEET DATE EVENTS	6 Months Ended
	Jun. 30, 2022
POST BALANCE SHEET DATE EVENTS
POST BALANCE SHEET DATE EVENTS	NOTE 8 – POST BALANCE SHEET DATE EVENTS After the end of Q2 2022, TORM delivered the last handysize vessel (TORM Gyda) on 07 July 2022 and two of the LR2 vessels (TORM Valborg and TORM Ingeborg) on 20 July 2022 and 12 August 2022, respectively. After the end of Q2 2022, TORM sold one of the vessels approved for sale as of 30 June 2022 (TORM Moselle). On 09 August 2022, TORM took delivery of the second-hand LR2 vessel (TORM Hannah) purchased in Q2 2022 and subsequently entered into a sale and leaseback financing transaction which included purchase options for TORM. On 01 August 2022, TORM settled a cargo claim and subsequently reassessed the provisions in relation to remaining cargo claims. TORM reversed provisions and recognized income amounting to USD 6.3m on 30 June 2022 in relation to cargo claims. Further, the security amount for the settled claim was received on 12 August 2022 On 15 August 2022, TORM entered into an agreement to purchase 75% of the shares in Marine Exhaust Technology A/S for a consideration of USD 2.1m. Marine Exhaust Technology A/S is a Danish-based company owning ME Production A/S (“MEP”), which among others produces solutions to reduce air pollutants in connection with marine transportation. Closing of the transaction is expected to be in Q3 2022. After the reporting date, TORM’s Board of Directors has approved a dividend of USD 0.58 per share, with an expected total dividend payment of USD 47m. Payment is expected on 16 September 2022 to shareholders on record on 01 September 2022, with the ex-dividend date on 31 August 2022. The dividends have not been recognised as liabilities and there are no tax consequences.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2022
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS During the six months ended 30 June 2022, TORM’s transactions with its joint venture producing scrubbers for the TORM fleet covered CAPEX of USD 4.5m in total. The joint venture will continue to assist TORM in installing scrubbers.

ACCOUNTING POLICIES & GOING CON

ACCOUNTING POLICIES & GOING CONCERN	6 Months Ended
	Jun. 30, 2022
ACCOUNTING POLICIES & GOING CONCERN
ACCOUNTING POLICIES & GOING CONCERN	NOTE 10 – ACCOUNTING POLICIES & GOING CONCERN General information The information for the year ended 31 December 2021 does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor’s report on those accounts was not qualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report and did not contain statements under section 498(2) or (3) of the Companies Act 2006. The interim report for the period 01 January-30 June 2022 is not audited or reviewed. Significant accounting policies The interim report for the period 01 January-30 June 2022 is presented in accordance with IAS 34 “Interim Financial Reporting” (“IAS 34”) as adopted in the UK. The interim financial statements are also prepared in accordance with IAS 34 as issued by the International Accounting Standards Board (“IASB”) and IAS 34 as adopted by the EU, as applied to financial periods beginning on or after 01 January 2022. TORM has implemented the following standards and amendments issued by the IASB and adopted by the UK in the consolidated financial statements for 2022: ● Annual Improvements to IFRS 2018-2020 relating to IFRS 1, IFRS 9 and IAS 41 ● Amendments to IFRS 3 – Reference to the Conceptual Framework ● Amendments to IAS 16 – Property, Plant and Equipment: Proceeds before intended use ● Amendments to IAS 37 – Onerous Contracts – Cost of Fulfilling a Contract. It is assessed that application of these effective on 01 January 2022 has not had any material impact on the consolidated financial statements in 2022. The interim report has been prepared using the same accounting policies and methods of computation as in the Annual Report 2021. For critical estimates and judgements, please refer to the Annual report 2021, pages 124-125. Going concern TORM monitors its funding position throughout the year to ensure that it has access to sufficient funds to meet its forecast cash requirements, including newbuilding and loan commitments, and to monitor compliance with the financial covenants within its loan facilities. As of 30 June 2022, TORM’s available liquidity including undrawn facilities was USD 240.4m, including a total cash position of USD 157.7m (including restricted cash of USD 24.4m), USD 45.0m undrawn credit facility and USD 37.7m available lease facility. TORM’s net interest-bearing debt was USD 894.0m, and the net loan-to-value ratio was 42.5%. TORM performs sensitivity calculations to reflect different scenarios including, but not limited to, future freight rates and vessel valuations in order to identify risks to future liquidity and covenant compliance and to enable Management to take corrective actions, if required. NOTE 10 - The sensitivity calculations are similar to those applied in connection with covenant testing in the Annual Report 2021. The principal risks and uncertainties facing TORM are set out on page 12. TORM continues to pay special attention to the significantly increased geopolitical risk following Russia’s invasion of Ukraine in February 2022 and the associated effects on the product tanker market and to a smaller extent than earlier the global development in COVID-19. The financial impact going forward is uncertain, but TORM currently expects that the possible effects are covered within the sensitivity calculations. The Board of Directors has considered TORM’s cash flow forecasts and the expected compliance with TORM’s financial covenants for a period of not less than 12 months from the date of approval of this interim report. Based on this review, the Board of Directors has a reasonable expectation that, taking into account reasonably possible changes in trading performance and vessel valuations, TORM will be able to continue in operational existence and comply with its financial covenants for the next 12 months. Accordingly, TORM continues to adopt the going concern basis in preparing its financial statements.

ACCOUNTING POLICIES & GOING C_2

ACCOUNTING POLICIES & GOING CONCERN (Policies)	6 Months Ended
	Jun. 30, 2022
ACCOUNTING POLICIES & GOING CONCERN
Going concern	Going concern TORM monitors its funding position throughout the year to ensure that it has access to sufficient funds to meet its forecast cash requirements, including newbuilding and loan commitments, and to monitor compliance with the financial covenants within its loan facilities. As of 30 June 2022, TORM’s available liquidity including undrawn facilities was USD 240.4m, including a total cash position of USD 157.7m (including restricted cash of USD 24.4m), USD 45.0m undrawn credit facility and USD 37.7m available lease facility. TORM’s net interest-bearing debt was USD 894.0m, and the net loan-to-value ratio was 42.5%. TORM performs sensitivity calculations to reflect different scenarios including, but not limited to, future freight rates and vessel valuations in order to identify risks to future liquidity and covenant compliance and to enable Management to take corrective actions, if required. NOTE 10 - The sensitivity calculations are similar to those applied in connection with covenant testing in the Annual Report 2021. The principal risks and uncertainties facing TORM are set out on page 12. TORM continues to pay special attention to the significantly increased geopolitical risk following Russia’s invasion of Ukraine in February 2022 and the associated effects on the product tanker market and to a smaller extent than earlier the global development in COVID-19. The financial impact going forward is uncertain, but TORM currently expects that the possible effects are covered within the sensitivity calculations. The Board of Directors has considered TORM’s cash flow forecasts and the expected compliance with TORM’s financial covenants for a period of not less than 12 months from the date of approval of this interim report. Based on this review, the Board of Directors has a reasonable expectation that, taking into account reasonably possible changes in trading performance and vessel valuations, TORM will be able to continue in operational existence and comply with its financial covenants for the next 12 months. Accordingly, TORM continues to adopt the going concern basis in preparing its financial statements.

STAFF COSTS (Tables)

STAFF COSTS (Tables)	6 Months Ended
	Jun. 30, 2022
STAFF COSTS
Schedule of staff costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ USDm Q2 2022 Q2 2021 Q1 ‑ Q2 2022 Q1 ‑ Q2 2021 FY 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in operating expenses 1.9 2.4 4.2 4.8 9.7 Included in administrative expenses 9.5 11.1 20.3 22.4 42.4 Total staff costs 11.4 13.5 24.5 27.2 52.1

VESSELS AND CAPITALIZED DRY-D_2

VESSELS AND CAPITALIZED DRY-DOCKING (Tables)	6 Months Ended
	Jun. 30, 2022
VESSELS AND CAPITALIZED DRY-DOCKING
Schedule of vessels and capitalized dry-docking	​ ​ ​ ​ ​ ​ ​ ​ USDm 30 June 2022 30 June 2021 31 December 2021 ​ ​ ​ ​ ​ ​ ​ Cost: Balance as of beginning of period 2,443.3 2,160.1 2,160.1 Additions 14.4 224.3 290.3 Disposals (1.7) (15.2) (40.9) Transferred from prepayments 50.8 1.6 78.6 Transferred to assets held for sale (172.6) (17.2) (44.8) Balance 2,334.2 2,353.6 2,443.3 ​ ​ ​ ​ Depreciation: ​ ​ ​ Balance as of beginning of period 475.0 406.2 406.2 Disposals (1.7) (15.2) (40.9) Depreciation for the period 67.3 59.8 126.2 Transferred to assets held for sale (63.7) (6.5) (16.5) Balance 476.9 444.3 475.0 ​ ​ ​ ​ Impairment: ​ ​ ​ Balance as of beginning of period 30.5 31.4 31.4 Impairment losses on tangible fixed assets 2.8 0.8 4.6 Transferred to assets held for sale (12.8) (1.2) (5.5) Balance 20.5 31.0 30.5 ​ ​ ​ ​ Carrying amount 1,836.8 1,878.3 1,937.8

PREPAYMENTS ON VESSELS (Tables)

PREPAYMENTS ON VESSELS (Tables)	6 Months Ended
	Jun. 30, 2022
PREPAYMENTS ON VESSELS
Schedule of prepayments on vessels	​ ​ ​ ​ ​ ​ ​ ​ USDm 30 June 2022 30 June 2021 31 December 2021 ​ ​ ​ ​ ​ ​ ​ Balance as of beginning of period 12.0 12.0 12.0 Additions 43.1 22.8 78.6 Transferred to vessels (50.8) (1.6) (78.6) Carrying amount 4.3 33.2 12.0

BORROWINGS (Tables)

BORROWINGS (Tables)	6 Months Ended
	Jun. 30, 2022
BORROWINGS
Schedule of mortgage debt and bank loans	​ ​ ​ ​ ​ ​ ​ ​ USDm 30 June 2022 30 June 2021 31 December 2021 ​ ​ ​ ​ ​ ​ ​ Mortgage debt and bank loans to be repaid as follows: Falling due within one year 134.1 170.0 209.2 Falling due between one and two years 123.0 124.3 128.1 Falling due between two and three years 130.0 122.1 138.3 Falling due between three and four years 210.3 126.0 134.1 Falling due between four and five years 89.1 207.2 181.3 Falling due after five years 365.7 248.9 351.8 Total 1,052.2 998.5 1,142.8

STAFF COSTS (Details)

STAFF COSTS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Total staff costs
Staff costs	$ 11.4	$ 13.5	$ 24.5	$ 27.2	$ 52.1
Operating expenses
Total staff costs
Staff costs	1.9	2.4	4.2	4.8	9.7
Administrative expenses
Total staff costs
Staff costs	$ 9.5	$ 11.1	$ 20.3	$ 22.4	$ 42.4

VESSELS AND CAPITALIZED DRY-D_3

VESSELS AND CAPITALIZED DRY-DOCKING (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Reconciliation of changes in property, plant and equipment [abstract]
Balance	$ 1,960.9
Balance	1,850.4	$ 1,924.2	$ 1,960.9
Vessels and capitalized dry docking
Reconciliation of changes in property, plant and equipment [abstract]
Balance	1,937.8
Impairment losses on tangible fixed assets	2.8
Balance	1,836.8	1,878.3	1,937.8
Vessels and capitalized dry docking | Gross
Reconciliation of changes in property, plant and equipment [abstract]
Balance	2,443.3	2,160.1	2,160.1
Additions	14.4	224.3	290.3
Disposals	1.7	15.2	40.9
Transferred from prepayments	50.8	1.6	78.6
Transferred to assets held-for-sale	172.6	17.2	44.8
Balance	2,334.2	2,353.6	2,443.3
Vessels and capitalized dry docking | Depreciation
Reconciliation of changes in property, plant and equipment [abstract]
Balance	(475)	(406.2)	(406.2)
Disposals	(1.7)	(15.2)	(40.9)
Depreciation for the year	67.3	59.8	126.2
Transferred to assets held-for-sale	(63.7)	(6.5)	(16.5)
Balance	(476.9)	(444.3)	(475)
Vessels and capitalized dry docking | Impairment
Reconciliation of changes in property, plant and equipment [abstract]
Balance	(30.5)	(31.4)	(31.4)
Impairment losses on tangible fixed assets	2.8	0.8	4.6
Transferred to assets held-for-sale	(12.8)	(1.2)	(5.5)
Balance	$ (20.5)	$ (31)	$ (30.5)

VESSELS AND CAPITALIZED DRY-D_4

VESSELS AND CAPITALIZED DRY-DOCKING - NARRATIVES (Details) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($) item	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) item	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation expense related to administrative expense	$ 34.5	$ 31.5	$ 69.7	$ 62	$ 130.9
Profit from sale of vessels	$ 0.8		$ 0.8
Number of vessels sold during the period | item			6
Number of vessels approved for sale | item	3		3
Number Of Vessels Delivered To New Owner | item			3
Number of vessels held for sale at end of reporting period | item	6		6
Fair value of assets held for sale	$ 69.2		$ 69.2		13.2
Vessels and capitalized dry docking
Disclosure of detailed information about property, plant and equipment [line items]
Capitalized dry-docking costs	50.6	$ 72.4	50.6	72.4	65.9
Profit from sale of vessels			0.8
Impairment losses on tangible fixed assets			2.8
Fair value of assets held for sale	$ 69.2		69.2
Other property, plant and equipment | Administrative expenses
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation expense related to administrative expense			1.2	1.2	2.4
Land and buildings. | Administrative expenses
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation expense related to administrative expense			$ 1.1	$ 1	$ 2.3

PREPAYMENTS ON VESSELS (Details

PREPAYMENTS ON VESSELS (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Disclosure of detailed information about property, plant and equipment [line items]
Balance	$ 12	$ 12	$ 12
Additions	43.1	22.8	78.6
Transferred to vessels	(50.8)	(1.6)	(78.6)
Balance	$ 4.3	$ 33.2	$ 12

BORROWINGS (Details)

BORROWINGS (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Mortgage Debt And Bank Loans [Line Items]
Mortgage debt and bank loans	$ 1,052.2	$ 1,142.8	$ 998.5
Due within one year
Mortgage Debt And Bank Loans [Line Items]
Mortgage debt and bank loans	134.1	209.2	170
Due within one and two years
Mortgage Debt And Bank Loans [Line Items]
Mortgage debt and bank loans	123	128.1	124.3
Due between two and three years
Mortgage Debt And Bank Loans [Line Items]
Mortgage debt and bank loans	130	138.3	122.1
Due between three and four years
Mortgage Debt And Bank Loans [Line Items]
Mortgage debt and bank loans	210.3	134.1	126
Due between four and five years
Mortgage Debt And Bank Loans [Line Items]
Mortgage debt and bank loans	89.1	181.3	207.2
Due in more than five years
Mortgage Debt And Bank Loans [Line Items]
Mortgage debt and bank loans	$ 365.7	$ 351.8	$ 248.9

BORROWINGS - NARRATIVES (Detail

BORROWINGS - NARRATIVES (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Borrowings
Direct issuance costs for borrowings	$ 12	$ 13	$ 11.6
Borrowings obtained	1,052.2	1,142.8	998.5
Land and buildings and other plant and operating equipment
Borrowings
Borrowings obtained	$ 4.1	$ 5.6	$ 6.9

PROVISIONS - (Details)

PROVISIONS - (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Disclosure of other provisions [line items]
Legal proceedings provision	$ 12	$ 18.3
Legal proceedings provision
Disclosure of other provisions [line items]
Provisions reversed	$ 6.3

CONTRACTUAL OBLIGATIONS AND R_2

CONTRACTUAL OBLIGATIONS AND RIGHTS - (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
CONTRACTUAL OBLIGATIONS AND RIGHTS
Contractual obligations relating to investment commitments including new building and secondhand commitments	$ 49.2	$ 39.9	$ 143.1

POST BALANCE SHEET DATE EVENTS

POST BALANCE SHEET DATE EVENTS (Details) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended	6 Months Ended
	Sep. 16, 2022 USD ($) $ / shares	Aug. 01, 2022 USD ($)	Aug. 12, 2022 item	Sep. 26, 2022 item	Jun. 30, 2022 USD ($) item	Sep. 30, 2022 USD ($)
Disclosure of non-adjusting events after reporting period [line items]
Number Of Vessels Delivered To New Owner | item					3
Legal proceedings provision
Disclosure of non-adjusting events after reporting period [line items]
Provisions reversed					$ 6.3
Cargo claim settlement | Legal proceedings provision
Disclosure of non-adjusting events after reporting period [line items]
Provisions reversed		$ 6.3
Forecast | Approval of dividends
Disclosure of non-adjusting events after reporting period [line items]
Dividend per share | $ / shares	$ 0.58
Dividend payments	$ 47
Marine Exhaust Technology AS | Forecast | Major business combination
Disclosure of non-adjusting events after reporting period [line items]
Percentage of shares acquired						75%
Consideration, business combination						$ 2.1
LR2 vessels | Other disposals of assets
Disclosure of non-adjusting events after reporting period [line items]
Number Of Vessels Delivered To New Owner | item			2
TORM Moselle | Other disposals of assets
Disclosure of non-adjusting events after reporting period [line items]
Number Of Vessels Sold | item				1

RELATED PARTY TRANSACTIONS - (D

RELATED PARTY TRANSACTIONS - (Details) $ in Millions	6 Months Ended
	Jun. 30, 2022 USD ($)
joint venture
Disclosure of transactions between related parties [line items]
Transactions with its joint venture producing scrubbers	$ 4.5

ACCOUNTING POLICIES & GOING C_3

ACCOUNTING POLICIES & GOING CONCERN (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Disclosure of detailed information about borrowings [line items]
Available liquidity	$ 240.4
Cash and cash equivalents, including restricted cash	157.7	$ 171.7	$ 111.3
Undrawn and committed credit facilities	45
Restricted cash	24.4	26.9	7.1
Borrowings	1,052.2	$ 1,142.8	$ 998.5
Undrawn Borrowing lease facility	$ 37.7
Net debt loan-to-value ratio	42.50%
Interest-bearing debt
Disclosure of detailed information about borrowings [line items]
Borrowings	$ 894