Source document: torm_2019

Question: How does TORM define loan-to-value (LTV)?
Facts: TORM defines Loan-to-value (LTV) ratio as Vessel values divided by net borrowings on the vessels.
Answer: TORM defines Loan-to-value (LTV) ratio as Vessel values divided by net borrowings on the vessels.

Question: What is the LTV used by TORM for?
Facts: to describe the financial situation, the liquidity risk as well as to express the future possibilities to raise new capital by new loan facilities.
Answer: to describe the financial situation, the liquidity risk as well as to express the future possibilities to raise new capital by new loan facilities.

Question: Which are the components in the table which are used to tabulate the Loan-to-value (LTV) ratio based on its definition?
Facts: Total (loan); Total (value)
Answer: Total (value); Total (loan)

Question: In which year was the LTV ratio the largest?
Facts: 2017
Derivation: 55.8%>52.9%>46.0%
Answer: 2017

Question: What was the change in Total (loan) in 2019 from 2018?
Facts: 828.8; 885.3
Derivation: 828.8-885.3
Answer: -56.5 million

Question: What was the percentage change in Total (loan) in 2019 from 2018?
Facts: 828.8; 885.3
Derivation: (828.8-885.3)/885.3
Answer: -6.38 percent

Question: How many RSUs were granted during the period of 2017 to other management?
Facts: a total of 866.6 RSUs
Answer: a total of 866.6 RSUs

Question: How was the fair value of the options determined?
Facts: Black-Scholes model
Answer: Black-Scholes model

Question: In which years was the number of shares in TORM plc calculated for?
Facts: 2017; 2018; 2019
Answer: 2019; 2018; 2017

Question: Which year has the most number of shares granted during the period?
Facts: 2019
Derivation: 1,001.1>907.3>866.6
Answer: 2019

Question: What was the change in the number of shares granted in 2019 from 2018?
Facts: 1,001.1; 907.3
Derivation: 1,001.1-907.3
Answer: 93.8 thousand

Question: What was the percentage change in the number of shares granted in 2019 from 2018?
Facts: 1,001.1; 907.3
Derivation: (1,001.1-907.3)/907.3
Answer: 10.34 percent

Question: In which year was the amount of other financial expenses the largest?
Facts: 2019
Derivation: 39.5>38.8>37.0
Answer: 2019

Question: What was the change in the total financial expenses in 2019 from 2018?
Facts: 39.3; 41.9
Derivation: 41.9-39.3
Answer: 2.6 million

Question: What was the percentage change in the total financial expenses in 2019 from 2018?
Facts: 39.3; 41.9
Derivation: (41.9-39.3)/39.3
Answer: 6.62 percent

Question: What does the table show?
Facts: Financial expenses for the reporting periods
Answer: Financial expenses for the reporting periods

Question: What is the total amount of financial expenses in 2019?
Facts: 41.9
Answer: 41.9 million

Question: What are the financial expenses under Interest Expenses in the table?
Facts: Financial expenses arising from lease liabilities regarding right-of-use assets; Other financial expenses
Answer: Financial expenses arising from lease liabilities regarding right-of-use assets; Other financial expenses

Question: Why are extension and termination options are included in several leases?
Facts: to optimize operational flexibility in terms of managing contracts
Answer: to optimize operational flexibility in terms of managing contracts

Question: What is the lease term determined by TORM?
Facts: the noncancellable period of a lease, together with any extension/termination options if these are/are not reasonably certain to be exercised
Answer: the noncancellable period of a lease, together with any extension/termination options if these are/are not reasonably certain to be exercised

Question: What are the different maturity terms under maturity analysis - contractual undiscounted cash flow?
Facts: Less than one year; More than five years; One to five years
Answer: Less than one year; One to five years; More than five years

Question: In which year was the amount of Current lease liabilities larger?
Facts: 2018
Derivation: 22.1>20.4
Answer: 2018

Question: What was the change in non-current lease liabilities?
Facts: 10.2; 3.2
Derivation: 10.2-3.2
Answer: 7 million

Question: What was the percentage change in non-current lease liabilities?
Facts: 10.2; 3.2
Derivation: (10.2-3.2)/3.2
Answer: 218.75 percent

Question: What is the total financial income for 2019?
Facts: 2.8
Answer: 2.8 million

Question: What is the amount of total financial items in 2019?
Facts: -39.1
Answer: -39.1 million

Question: What are the main categories analyzed under Financial Items in the table?
Facts: Financial expenses; Financial income
Answer: Financial income; Financial expenses

Question: In which year was the amount of financial income the smallest?
Facts: 2019
Derivation: 2.8<3.3<4.3
Answer: 2019

Question: What was the change in total financial expenses in 2019 from 2018?
Facts: 39.3; 41.9
Derivation: 41.9-39.3
Answer: 2.6 million

Question: What was the percentage change in total financial expenses in 2019 from 2018?
Facts: 39.3; 41.9
Derivation: (41.9-39.3)/39.3
Answer: 6.62 percent

Question: How is average invested capital calculated?
Facts: as the average of the opening and closing balance of invested capital
Answer: as the average of the opening and closing balance of invested capital

Question: How is average impairment calculated?
Facts: as the average of the opening and closing balances of impairment charges on vessels and goodwill in the balance sheet.
Answer: as the average of the opening and closing balances of impairment charges on vessels and goodwill in the balance sheet.

Question: For which years is the adjusted RoIC calculated in the table?
Facts: 2017; 2018; 2019
Answer: 2019; 2018; 2017

Question: In which year was the Average invested capital less average impairment the largest?
Facts: 2019
Derivation: 1,725.9>1,622.7>1,581.9
Answer: 2019

Question: What was the change in the Average invested capital less average impairment in 2019 from 2018?
Facts: 1,622.7; 1,725.9
Derivation: 1,725.9-1,622.7
Answer: 103.2 million

Question: What was the percentage change in the Average invested capital less average impairment in 2019 from 2018?
Facts: 1,622.7; 1,725.9
Derivation: (1,725.9-1,622.7)/1,622.7
Answer: 6.36 percent

Question: What does the information in the table show?
Facts: the actual expenditure of the Group for employee pay and distributions to shareholders compared to the retained earnings of the Group
Answer: the actual expenditure of the Group for employee pay and distributions to shareholders compared to the retained earnings of the Group

Question: What is the retained earnings for 2019?
Facts: 920.0
Answer: 920.0 million

Question: For which years is the actual expenditure of the Group for employee pay and distributions to shareholders compared to the retained earnings of the Group in the table?
Facts: 2017; 2018; 2019
Answer: 2019; 2018; 2017

Question: In which year were the staff costs the largest?
Facts: 2018
Derivation: 46.2>45.8>43.8
Answer: 2018

Question: What was the change in retained earnings in 2019 from 2018?
Facts: 752.0; 920.0
Derivation: 920.0-752.0
Answer: 168 million

Question: What was the percentage change in retained earnings in 2019 from 2018?
Facts: 752.0; 920.0
Derivation: (920.0-752.0)/752.0
Answer: 22.34 percent

Question: How is TCE earnings defined?
Facts: TORM defines TCE earnings, a performance measure, as revenue after port expenses, bunkers and commissions incl. freight and bunker derivatives
Answer: TORM defines TCE earnings, a performance measure, as revenue after port expenses, bunkers and commissions incl. freight and bunker derivatives

Question: How is TCE earnings used as a standard shipping industry performance measure?
Facts: TCE earnings is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance irrespective of changes in the mix of charter types (i.e. spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods
Answer: TCE earnings is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance irrespective of changes in the mix of charter types (i.e. spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods

Question: What are the components under Reconciliation to revenue when calculating TCE earnings?
Facts: Port expenses, bunkers and commissions; Revenue
Answer: Revenue; Port expenses, bunkers and commissions

Question: In which year was Revenue the largest?
Facts: 2019
Derivation: 692.6>657.0>635.4
Answer: 2019

Question: What was the change in TCE earnings in 2019 from 2018?
Facts: 352.4; 424.9
Derivation: 424.9-352.4
Answer: 72.5 million

Question: What was the percentage change in TCE earnings in 2019 from 2018?
Facts: 352.4; 424.9
Derivation: (424.9-352.4)/352.4
Answer: 20.57 percent

Question: As of 2019, what did freight receivables include?
Facts: receivables at a value of USD 0.0m (2018: USD 0.0m 2017: USD 0.0m) that are individually determined to be impaired to a value of USD 0.0m (2018: USD 0.0m, 2017: USD 0.0m)
Answer: receivables at a value of USD 0.0m (2018: USD 0.0m 2017: USD 0.0m) that are individually determined to be impaired to a value of USD 0.0m (2018: USD 0.0m, 2017: USD 0.0m)

Question: What is the making of allowance for expected credit loss based on?
Facts: the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables
Answer: the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables

Question: For which years were the gross freight receivables recorded in?
Facts: 2017; 2018; 2019
Answer: 2019; 2018; 2017

Question: In which year was the amount of total gross freight receivables the largest?
Facts: 2019
Derivation: 93.6>87.7>72.6
Answer: 2019

Question: What was the change in the total net gross freight receivables in 2019 from 2018?
Facts: 86.0; 89.9
Derivation: 89.9-86.0
Answer: 3.9 million

Question: What was the percentage change in the total net gross freight receivables in 2019 from 2018?
Facts: 86.0; 89.9
Derivation: (89.9-86.0)/86.0
Answer: 4.53 percent

Question: What information can be derived in note 16?
Facts: information on assets provided as collateral security
Answer: information on assets provided as collateral security

Question: What was the depreciation expense related to Other plant and operating equipment?
Facts: USD 1.0m
Answer: USD 1.0m

Question: What are the broad categories analyzed under Other plant and operating equipment?
Facts: Cost; Depreciation
Answer: Cost; Depreciation

Question: In which year was the amount of depreciation for the year the largest?
Facts: 2018
Derivation: 1.1>1.0>0.9
Answer: 2018

Question: What was the change in the carrying amount as of 31 December from 2018 to 2019?
Facts: 3.0; 4.3
Derivation: 4.3-3.0
Answer: 1.3 million

Question: What was the percentage change in the carrying amount as of 31 December from 2018 to 2019?
Facts: 3.0; 4.3
Derivation: (4.3-3.0)/3.0
Answer: 43.33 percent

Question: How does TORM define liquidity?
Facts: TORM defines liquidity as available cash, comprising cash and cash equivalents, including restricted cash, as well as undrawn credit facilities
Answer: TORM defines liquidity as available cash, comprising cash and cash equivalents, including restricted cash, as well as undrawn credit facilities

Question: Why does TORM find the APM important?
Facts: as the liquidity expresses TORM’s financial position, ability to meet current liabilities and cash buffer. Furthermore, it expresses TORM’s ability to act and invest when possibilities occur.
Answer: as the liquidity expresses TORM’s financial position, ability to meet current liabilities and cash buffer. Furthermore, it expresses TORM’s ability to act and invest when possibilities occur.

Question: What are the components in the table used to calculate liquidity?
Facts: Cash and cash equivalents, including restricted cash; Undrawn credit facilities
Answer: Cash and cash equivalents, including restricted cash; Undrawn credit facilities

Question: In which year was liquidity the largest?
Facts: 2018
Derivation: 406.1>404.9>245.6
Answer: 2018

Question: What was the change in liquidity in 2019 from 2018?
Facts: 245.6; 406.1
Derivation: 245.6-406.1
Answer: -160.5 million

Question: What was the percentage change in liquidity in 2019 from 2018?
Facts: 245.6; 406.1
Derivation: (245.6-406.1)/406.1
Answer: -39.52 percent

Question: What does TORM have leases for?
Facts: the office buildings, some vehicles and other administrative equipment.
Answer: the office buildings, some vehicles and other administrative equipment.

Question: How is each lease reflected on the balance sheet?
Facts: as a right-of-use asset with a corresponding lease liability. The right-of-use assets are included in the financial statement line item in which the corresponding underlying assets would be presented if they were owned.
Answer: as a right-of-use asset with a corresponding lease liability. The right-of-use assets are included in the financial statement line item in which the corresponding underlying assets would be presented if they were owned.

Question: What are the types of right-of-use assets considered in the table?
Facts: Land and buildings; Other plant and operating equipment; Vessels and capitalized dry-docking
Answer: Vessels and capitalized dry-docking; Land and buildings; Other plant and operating equipment

Question: Which asset type has the largest depreciation of the year?
Facts: Vessels and capitalized dry-docking
Derivation: 4.8>2.3>0.2
Answer: Vessels and capitalized dry-docking

Question: What was the change in the depreciation balance as of 31 December from 1 January in 2019 for vessels and capitalized dry-docking?
Facts: 13.4; 15.5
Derivation: 15.5-13.4
Answer: 2.1 million

Question: What was the percentage change in the depreciation balance as of 31 December from 1 January in 2019 for vessels and capitalized dry-docking?
Facts: 13.4; 15.5
Derivation: (15.5-13.4)/13.4
Answer: 15.67 percent

Question: How does TORM define gross profit?
Facts: TORM defines Gross profit, a performance measure, as revenue less port expenses, bunkers and commissions, charter hire and operating expenses.
Answer: TORM defines Gross profit, a performance measure, as revenue less port expenses, bunkers and commissions, charter hire and operating expenses.

Question: Why does the company reports gross profit?
Facts: it provides additional meaningful information to investors, as Gross profit measures the net earnings from shipping activities
Answer: it provides additional meaningful information to investors, as Gross profit measures the net earnings from shipping activities

Question: What are the components under Reconciliation to revenue when calculating the gross profit?
Facts: Charter hire; Operating expenses; Port expenses, bunkers and commissions; Revenue
Answer: Revenue; Port expenses, bunkers and commissions; Charter hire; Operating expenses

Question: In which year was the amount of operating expenses the largest?
Facts: 2017
Derivation: |188.4|>|180.4|>|173.0|
Answer: 2017

Question: What was the change in gross profit in 2019 from 2018?
Facts: 169.5; 251.9
Derivation: 251.9-169.5
Answer: 82.4 million

Question: What was the percentage change in gross profit in 2019 from 2018?
Facts: 169.5; 251.9
Derivation: (251.9-169.5)/169.5
Answer: 48.61 percent

Question: What information is provided in Note 21?
Facts: further information on fair value hierarchies.
Answer: further information on fair value hierarchies.

Question: What are the types of derivative financial instruments regarding freight and bunkers?
Facts: Bunker swaps; Forward freight agreements
Answer: Forward freight agreements; Bunker swaps

Question: What are the types of derivative financial instruments regarding interest and currency exchange rate?
Facts: Forward exchange contracts; Interest rate swaps
Answer: Forward exchange contracts; Interest rate swaps

Question: In which year was the amount of forward exchange contracts larger?
Facts: 2018
Derivation: |1.8|>|0.4|
Answer: 2018

Question: What was the change in interest rate swaps from 2018 to 2019?
Facts: 11.1; 2.8
Derivation: -11.1-2.8
Answer: -13.9 million

Question: What was the percentage change in interest rate swaps from 2018 to 2019?
Facts: 11.1; 2.8
Derivation: (-11.1-2.8)/2.8
Answer: -496.43 percent

Question: How is net interest-bearing debt defined?
Facts: borrowings (current and noncurrent) less loans receivables and cash and cash equivalents, including restricted cash
Answer: borrowings (current and noncurrent) less loans receivables and cash and cash equivalents, including restricted cash

Question: What does TORM believe net interest-bearing debt to be?
Facts: a relevant measure which Management uses to measure the overall development of the use of financing, other than equity
Answer: a relevant measure which Management uses to measure the overall development of the use of financing, other than equity

Question: What are the components used to calculate net interest-bearing debt in the table?
Facts: Borrowings; Cash and cash equivalents, including restricted cash; Loans receivables
Answer: Borrowings; Loans receivables; Cash and cash equivalents, including restricted cash

Question: In which year was the amount of Borrowings the lowest?
Facts: 2017
Derivation: 753.9<754.7<863.4
Answer: 2017

Question: What was the change in Net interest-bearing debt in 2019 from 2018?
Facts: 627.3; 786.3
Derivation: 786.3-627.3
Answer: 159 million

Question: What was the percentage change in Net interest-bearing debt in 2019 from 2018?
Facts: 627.3; 786.3
Derivation: (786.3-627.3)/627.3
Answer: 25.35 percent

Question: What does TORM believe that the NAV/share is a relevant measure for?
Facts: Management uses to measure the overall development of the assets and liabilities per share.
Answer: Management uses to measure the overall development of the assets and liabilities per share.

Question: How is NAV/share calculated?
Facts: using broker values of vessels and excluding charter commitments
Answer: using broker values of vessels and excluding charter commitments

Question: For which years is the Total Net Asset Value per share (NAV/share) calculated?
Facts: 2017; 2018; 2019
Answer: 2019; 2018; 2017

Question: In which year was the Total Net Asset Value per share (NAV/share) the largest?
Facts: 2019
Derivation: 13.6>12.8>11.6
Answer: 2019

Question: What was the change in the Total Net Asset Value (NAV) in 2019 from 2018?
Facts: 1,016.0; 856.1
Derivation: 1,016.0-856.1
Answer: 159.9 million

Question: What was the percentage change in the Total Net Asset Value (NAV) in 2019 from 2018?
Facts: 1,016.0; 856.1
Derivation: (1,016.0-856.1)/856.1
Answer: 18.68 percent

Question: What was the remuneration to the auditor in 2019?
Facts: USD 0.7m
Answer: USD 0.7m

Question: What was the amount of total audit fees in 2019?
Facts: USD 0.6m
Answer: USD 0.6m

Question: What are the types of audit fees in the table?
Facts: Audit of the Company's subsidiaries pursuant to legislation; Fees payable to the Company's auditor for the audit of the Company's annual accounts
Answer: Fees payable to the Company's auditor for the audit of the Company's annual accounts; Audit of the Company's subsidiaries pursuant to legislation

Question: In which year was the total remuneration to the auditor the largest?
Facts: 2017
Derivation: 1.0>0.8>0.7
Answer: 2017

Question: What was the change in the the total remuneration to the auditor in 2019 from 2018?
Facts: 0.7; 0.8
Derivation: 0.7-0.8
Answer: -0.1 million

Question: What was the percentage change in the the total remuneration to the auditor in 2019 from 2018?
Facts: 0.7; 0.8
Derivation: (0.7-0.8)/0.8
Answer: -12.5 percent

Question: Why is the carrying amount a reasonable approximation of fair value?
Facts: due to the short-term nature of the receivables.
Answer: due to the short-term nature of the receivables.

Question: What information does note 21 contain?
Facts: further information on fair value hierarchies.
Answer: further information on fair value hierarchies.

Question: In which years were the amounts of Other Liabilities calculated for?
Facts: 2018; 2019
Answer: 2019; 2018

Question: In which year was the amount under Partners and commercial managements larger?
Facts: 2018
Derivation: 1.2>0.5
Answer: 2018

Question: What was the change in the Balance as of 31 December from 2018 to 2019?
Facts: 36.5; 47.3
Derivation: 47.3-36.5
Answer: 10.8 million

Question: What was the percentage change in the Balance as of 31 December from 2018 to 2019?
Facts: 36.5; 47.3
Derivation: (47.3-36.5)/36.5
Answer: 29.59 percent

Question: What are the staff costs included in operating expenses related to?
Facts: the 108 seafarers (2018: 112, 2017: 131).
Answer: the 108 seafarers (2018: 112, 2017: 131).

Question: How is the average number of employees calculated?
Facts: as a full-time equivalent (FTE)
Answer: as a full-time equivalent (FTE)

Question: What do the staff costs comprise of?
Facts: Other social security costs; Other staff costs; Pension costs; Share-based compensation; Wages and salaries
Answer: Wages and salaries; Share-based compensation; Pension costs; Other social security costs; Other staff costs

Question: In which year was the pension costs the largest?
Facts: 2019
Derivation: 3.5>3.3>3.1
Answer: 2019

Question: What was the change in the total number of permanent employees from 2018 to 2019?
Facts: 413.9; 421.1
Derivation: 421.1-413.9
Answer: 7.2 million

Question: What was the percentage change in the total number of permanent employees from 2018 to 2019?
Facts: 413.9; 421.1
Derivation: (421.1-413.9)/413.9
Answer: 1.74 percent

Question: How does TORM define RoIC?
Facts: TORM defines RoIC as earnings before interest and tax (EBIT) less tax, divided by the average invested capital for the period
Answer: TORM defines RoIC as earnings before interest and tax (EBIT) less tax, divided by the average invested capital for the period

Question: What is the progression of RoIC used by TORM for?
Facts: The progression of RoIC is used by TORM to measure progress against our longer-term value creation goals outlined to investors.
Answer: The progression of RoIC is used by TORM to measure progress against our longer-term value creation goals outlined to investors.

Question: What are the components in the table which is used to directly derive the RoIC?
Facts: Average invested capital for the year; EBIT less Tax
Answer: EBIT less Tax; Average invested capital for the year

Question: In which year was the Invested capital, opening balance the largest?
Facts: 2019
Derivation: 1,469.4>1,406.0>1,387.7
Answer: 2019

Question: What was the change in the Average invested capital for the year in 2019 from 2018?
Facts: 1,437.7; 1,627.7
Derivation: 1,627.7-1,437.7
Answer: 190 million

Question: What was the percentage change in the Average invested capital for the year in 2019 from 2018?
Facts: 1,437.7; 1,627.7
Derivation: (1,627.7-1,437.7)/1,437.7
Answer: 13.22 percent

Question: Why is the carrying amount a reasonable approximation of fair value?
Facts: due to the short-term nature of the receivables
Answer: due to the short-term nature of the receivables

Question: What information does note 21 contain?
Facts: further information on fair value hierarchies
Answer: further information on fair value hierarchies

Question: What are the components under Other Receivables in the table?
Facts: Derivative financial instruments; Other; Partners and commercial managements; Tax receivables
Answer: Partners and commercial managements; Derivative financial instruments; Tax receivables; Other

Question: In which year was the amount of Other larger?
Facts: 2018
Derivation: 2.6>2.3
Answer: 2018

Question: What was the change in the Balance as of 31 December from 2018 to 2019?
Facts: 6.2; 7.5
Derivation: 6.2-7.5
Answer: -1.3 million

Question: What was the percentage change in the Balance as of 31 December from 2018 to 2019?
Facts: 6.2; 7.5
Derivation: (6.2-7.5)/7.5
Answer: -17.33 percent

Question: What does accounts receivables in the table include?
Facts: Freight receivables, Other receivables and Prepayments
Answer: Freight receivables, Other receivables and Prepayments

Question: What does trade payables in the table include?
Facts: Trade payables and Other liabilities
Answer: Trade payables and Other liabilities

Question: For which years was Invested capital calculated in?
Facts: 2017; 2018; 2019
Answer: 2019; 2018; 2017

Question: In which year was the amount of assets held-for-sale the largest?
Facts: 2019
Derivation: 9.1>6.6>6.2
Answer: 2019

Question: What was the change in invested capital in 2019 from 2018?
Facts: 1,469.4; 1,786.0
Derivation: 1,786.0-1,469.4
Answer: 316.6 million

Question: What was the percentage change in invested capital in 2019 from 2018?
Facts: 1,469.4; 1,786.0
Derivation: (1,786.0-1,469.4)/1,469.4
Answer: 21.55 percent

Question: What is recognized in the income statement under Port expenses, bunkers and commissions?
Facts: Allowance for expected credit loss of freight receivables
Answer: Allowance for expected credit loss of freight receivables

Question: How is allowance for expected credit loss of freight receivables calculated?
Facts: using an ageing factor as well as a specific customer knowledge and is based on a provision matrix on days past due.
Answer: using an ageing factor as well as a specific customer knowledge and is based on a provision matrix on days past due.

Question: For which years are the movements in provisions for impairment of freight receivables during the year recorded?
Facts: 2017; 2018; 2019
Answer: 2019; 2018; 2017

Question: In which year was the Balance as of 1 January the largest?
Facts: 2017
Derivation: 2.6>1.7>1.3
Answer: 2017

Question: What was the change in the Balance as of 31 December in 2019 from 2018?
Facts: 1.7; 3.7
Derivation: 3.7-1.7
Answer: 2 million

Question: What was the percentage change in the Balance as of 31 December in 2019 from 2018?
Facts: 1.7; 3.7
Derivation: (3.7-1.7)/1.7
Answer: 117.65 percent

Question: How does TORM define EBITDA?
Facts: as earnings before financial income and expenses, depreciation, impairment, amortization and taxes.
Answer: as earnings before financial income and expenses, depreciation, impairment, amortization and taxes.

Question: What purpose is the EBITDA used for by Management and external users of financial statements, such as lenders?
Facts: EBITDA is used as a supplemental financial measure by Management and external users of financial statements, such as lenders, to assess TORM's operating performance as well as compliance with the financial covenants and restrictions contained in the Company's financing agreements.
Answer: EBITDA is used as a supplemental financial measure by Management and external users of financial statements, such as lenders, to assess TORM's operating performance as well as compliance with the financial covenants and restrictions contained in the Company's financing agreements.

Question: For which years in the table is the EBITDA reconciled to net profit/(loss)?
Facts: 2017; 2018; 2019
Answer: 2019; 2018; 2017

Question: In which year was the amount of Financial expenses the largest?
Facts: 2019
Derivation: 41.9>40.6>39.3
Answer: 2019

Question: What was the change in EBITDA in 2019 from 2018?
Facts: 120.5; 202.0
Derivation: 202.0-120.5
Answer: 81.5 million

Question: What was the percentage change in EBITDA in 2019 from 2018?
Facts: 120.5; 202.0
Derivation: (202.0-120.5)/120.5
Answer: 67.63 percent

Question: Under reversal of impairment, where can additional information regarding impairment considerations be found?
Facts: refer to note 8
Answer: refer to note 8

Question: What is included in the carrying amount for "Vessels and capitalized dry-docking"?
Facts: capitalized drydocking costs
Answer: capitalized drydocking costs

Question: What are the sub-elements under Vessels and capitalized dry-docking in the table?
Facts: Cost; Depreciation; Impairment
Answer: Cost; Depreciation; Impairment

Question: In which year was the impairment losses on tangible fixed assets the largest?
Facts: 2019
Derivation: 6.0>3.6>3.2
Answer: 2019

Question: What was the change in Additions in 2019 from 2018?
Facts: 162.7; 81.3
Derivation: 81.3-162.7
Answer: -81.4 million

Question: What was the percentage change in Additions in 2019 from 2018?
Facts: 162.7; 81.3
Derivation: (81.3-162.7)/162.7
Answer: -50.03 percent