Annual Report 2002.Business Editors COPENHAGEN Copenhagen (kō`pənhā'gən, –hä'gən), Dan. København (kö'bənhoun`), city (1992 pop. 464,566; metropolitan area 1,339,395), capital of Denmark and of Copenhagen co. , Denmark--(BUSINESS WIRE)--Feb. 27, 2003 A/S Dampskibsselskabet TORM A/S Dampskibsselskabet TORM or TORM (NASDAQ: TRMD), based in Copenhagen, Denmark, is a shipping company that owns and operates product tankers and bulk carriers. TORM's company's tankers carry refined oil products such as gasoline, jet fuel, naphtha and diesel oil.
-- Net profit for 2002 was DKK 475 mill. (DKK 388 mill. for 2001). Net profit for 2002 includes a DKK 63 mill. gain on the sale of the liner activity and reversal of deferred tax of DKK 360 mill. related to the Company joining the tonnage tax scheme and an unrealized gain on the shares in Dampskibsselskabet "NORDEN" A/S of DKK 8 mill.
-- Net profit for 2002 was slightly higher than TORMs expectations of a Net profit of DKK 430-440 mill. before a gain on NORDEN shares, as announced in the third quarter results. The better result, despite a lower USD/DKK exchange rate, is due to higher freight rates, especially in December 2002.
-- Earnings before depreciation (EBITDA) were DKK 352 mill. (DKK 814 mill. in 2001).
-- Earnings before financial items (EBIT) were DKK 207 mill. (DKK 655 mill. in 2001).
-- Shareholders' equity at 31 December 2002 was DKK 1,719 mill. (DKK 920 mill. in 2001).
-- TORM was listed on NASDAQ in April 2002, and TORM maintained its listing on the Copenhagen Stock Exchange.
-- In July 2002, a public offer to purchase all the shares of NORDEN was launched.
-- TORM Lines was sold to companies within the A. P. M0ller Group in September 2002.
-- Four MR newbuilding product tankers were delivered during the year. Two LR1 newbuildings were ordered from the Hyundai yard for delivery in 2004 as part of a ten-vessel order by TORM and its pool partners. At year-end 2002, TORM had six vessels on order for delivery in 2003-2004.
-- At year-end, the three tanker pools totalled 54 vessels, and the bulk activity comprised 26 vessels. Thereof, TORM's own fleet comprised 20 vessels (2001: 17 vessels).
-- For 2003, net profit after tax in the order of DKK 120-140 mill. is expected.
-- The Board of Directors proposes a dividend of DKK 2 per share (DKK 4 per share in 2001).
-- The full annual report for 2002 can be downloaded from TORM's website www.torm.dk, or from the Copenhagen Stock Exchange site www.xcse.dk.
Group financial
highlights
----------------------------------------------------------------------
2002 2001 2000
Restated Restated
---------------------------------------------------
TotalContinuing TotalContinuing TotalContinuing
Groupoperations Groupoperations Groupoperations
(a) (a) (a)
---------------------------------------------------
DKK DKK mill. DKK DKK mill. DKK DKK mill.
mill. mill. mill.
----------------------------------------------------------------------
INCOME STATEMENTS
Net revenue 1,948 1,547 2,584 2,003 2,159 1,594
Port expenses,
Bunkers, Charter
hire and Operating
costs -1,616 -1,236 -1,793 -1,254 -1,546 -1,019
Net earnings from
shipping
activities 332 311 791 749 613 575
Provision for
vessels on B/B
charter 0 0 0 0 0 0
Profit from sale of
vessels and
interests 81 17 93 92 12 11
Administrative
expenses -116 -102 -130 -114 -84 -67
Other operating
income 55 55 60 58 45 45
Profit before
depreciation
(EBITDA) 352 281 814 785 586 564
Depreciation -145 -140 -159 -148 -221 -206
Profit before
financial items
(EBIT) 207 141 655 637 365 358
Financial items -92 -120 -101 -92 -157 -154
Profit/(loss)
before tax 115 21 554 545 208 204
Tax 360 360 -166 -166 -53 -53
Profit/(loss) after
tax 475 381 388 379 155 151
Extraordinary items 0 0 0 0 0 0
Net profit for the
year 475 381 388 379 155 151
BALANCE SHEET
Fixed assets 3,284 3,284 2,274 2,250 2,340 2,310
Total assets 4,109 4,109 3,619 3,421 3,593 3,362
Shareholders'
equity 1,719 1,719 920 871 602 565
Provisions 0 0 360 360 206 206
Total liabilities 2,390 2,390 2,339 2,190 2,785 2,591
Invested capital 2,940 1,862 2,010
Net interest
bearing debt 1,511 980 1,436
Cash and bonds 522 827 726
CASH FLOW
From operating
activities 261 682 287
From investing
activities -1,118 -54 591
Thereof
investment in
tangible fixed
assets -954 -554 -351
From financing
activities 552 -519 -756
Cash etc., in
companies
acquired/divested 0 -8 0
Net cash flow -305 101 122
KEY FIGURES (b)
Gross margin 17.0% 20.1% 30.6% 37.4% 28.4% 36.1%
EBITDA margin 18.1% 18.2% 31.5% 39.2% 27.1% 35.4%
EBIT margin 10.6% 9.1% 25.3% 31.8% 16.9% 22.5%
Share price, end of
period 56.4 46.0 59.0
Millions of shares,
end of period 18.2 18.2 18.2
Earnings per share 26.1 21.3 8.5
RoE 36.0% 51.0% 27.8%
RoIC 8.6% 33.8% 15.6%
Equity ratio 41.8% 25.4% 16.8%
Proposed dividend
per share 2.0 4.0 2.0
Exchange rate
DKK/USD, end of
period 7.08 8.41 8.02
Exchange rate
DKK/USD, average 7.89 8.32 8.08
----------------------------------------------------------------------
a) Continuing
operations
excludes the liner
activity.
b) Key figures are calculated in accordance with recommendations from
the Danish Society of Financial Analysts. Formulas are found in the
back of the Annual Report.
Group financial highlights
----------------------------------------------------------------------
1999 1998
Restated Restated
----------------------------------
TotalContinuing TotalContinuing
Groupoperations Groupoperations
(a) (a)
----------------------------------
DKK DKK mill. DKK DKK mill.
mill. mill.
----------------------------------------------------------------------
INCOME STATEMENTS
Net revenue 1,441 920 1,654 1,134
Port expenses, Bunkers, Charter hire
and Operating costs -1,221 -741 -1,377 -923
Net earnings from shipping
activities 220 179 277 211
Provision for vessels on B/B charter 0 0 -80 -34
Profit from sale of vessels and
interests 0 0 -1 -4
Administrative expenses -64 -47 -66 -51
Other operating income 30 26 20 18
Profit before depreciation (EBITDA) 186 158 150 140
Depreciation -205 -185 -392 -372
Profit before financial items (EBIT) -19 -27 -242 -232
Financial items -126 -117 -88 -81
Profit/(loss) before tax -145 -144 -330 -313
Tax 56 56 112 112
Profit/(loss) after tax -89 -88 -218 -201
Extraordinary items 0 0 69 75
Net profit for the year -89 -88 -149 -126
BALANCE SHEET
Fixed assets 2,796 2,693 2,430 2,313
Total assets 3,930 3,636 3,607 3,309
Shareholders' equity 515 509 887 887
Provisions 175 149 232 208
Total liabilities 3,240 2,978 2,488 2,214
Invested capital 2,656 2,219
Net interest bearing debt 2,160 1,350
Cash and bonds 604 738
CASH FLOW
From operating activities 69 267
From investing activities -522 -342
Thereof investment in tangible
fixed assets -527 -345
From financing activities 319 39
Cash etc., in companies
acquired/divested 0 0
Net cash flow -134 -36
KEY FIGURES (b)
Gross margin 15.3% 19.5% 16.7% 18.6%
EBITDA margin 12.9% 17.2% 9.1% 12.3%
EBIT margin -1.3% -2.9% -14.6% -20.5%
Share price, end of period 24.0 20.0
Millions of shares, end of period 18.2 18.2
Earnings per share (4.9) (8.2)
RoE -12.7% NA
RoIC -0.8% NA
Equity ratio 13.1% 24.6%
Proposed dividend per share 0.0 0.6
Exchange rate DKK/USD, end of period 7.40 6.39
Exchange rate DKK/USD, average 6.98 6.70
----------------------------------------------------------------------
a) Continuing operations excludes
the liner activity.
b) Key figures are calculated in accordance with recommendations from
the Danish Society of Financial Analysts. Formulas are found in the
back of the Annual Report.
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