Key Developments: Torm A/S (TRMD.PH)
3.10USD
20 May 2013
$2.48 (+401.62%)
$0.62
$3.10
$3.10
$3.10
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Latest Key Developments (Source: Significant Developments)
Torm A/S Comments on FY 2013 Earnings Guidance
Torm A/S announced that for the full year 2013, TORM forecasts a total positive EBITDA of between USD 80 million and USD 110 million and a loss before tax of between USD 100 million and USD 130 million. This includes the write-down of USD 5 million from the sale of five vessels as reported in announcement dated April 22, 2013. In addition, Torm expects to be operational cash flow positive after interest payment. According to I/B/E/S Estimates, analysts on average are expecting the Company to report EBITDA of USD 109.33 million and pre-tax loss of USD 97.33 million for the fiscal year 2013. Full Article
Torm A/S Announces Resignation of CFO
Torm A/S announced that CFO and member of the Executive Board of TORM Roland M. Andersen has tendered his resignation on April 24, 2013. He will continue his normal duties on the Executive Board and leave the Company latest by the end of October 2013. The search process for a new CFO will be initiated immediately. Full Article
Torm A/S Enters Into An Agreement With Oaktree On Five MR Product Tankers
Torm A/S announced that it has entered into an agreement to sell five MR product tankers to a company controlled by Oaktree Capital Management (Oaktree). The sale is a consequence of the specific option rights, which one bank group exercised in connection with the Restructuring Agreement (cf. announcement no. 31 dated 2 October 2012). Oaktree will place the five vessels under TORM's commercial management in a revenue sharing scheme, and utilize TORM's integrated operating platform for technical management. TORM retains an upside potential through a profit split mechanism if Oaktree generates a return above a specified threshold. The five vessels will be delivered to Oaktree during 2013. The transaction leads to a P&L loss of approximately USD 5 million which will be recognized in the financial statements in the second quarter of 2013. Following the sale, TORM's owned fleet consists of 60 product tankers and two dry bulk vessels. Full Article
Torm A/S Maintains FY 2013 Pre-Tax Loss Guidance
Torm A/S announced that the Company maintains its forecast for the fiscal year 2013 of a loss before tax of USD 100-150 million before potential additional vessel sales and impairment charges. According to I/B/E/S Estimates analysts on average are expecting the Company to report pre-tax loss of USD 103.33 million for the fiscal year 2013. Full Article
Torm A/S Updates on FY 2013 Pre-Tax Loss Guidance
Torm A/S announced that the Company expects a loss before tax for the fiscal year 2013 of between USD 100 million and USD 150 million excluding any vessel sales and impairment losses. Given that 24,676 earning days remained open at the end of 2012, profit/loss before tax would be impacted by USD 25 million by a change in freight rates of USD/day 1,000. As described in the Company's Annual Report, TORM expects to remain in compliance with the financial covenants in 2013. According to I/B/E/S Estimates, analysts on average are expecting the Company to report pre-tax loss of USD 97.00 million. Full Article
Torm A/S to Terminate American Depositary Receipt Program and Delist American Depository Shares from Nasdaq Capital Market
Torm A/S announced that its Board proposed to the Annual General Meeting the termination of the Company’s American Depositary Receipt (ADR) program and in this connection allow the Company to acquire own shares as well as delist the Company’s American Depository Shares (ADS) from Nasdaq Capital Market, the United States (US), and deregister the Company’s securities under the US Securities Exchange Act of 1934, as amended. The Board of Directors finds that it would be in the interest of the Company due to the limited size of the ADR program and the costs involved with a listing on Nasdaq and the reporting and filing obligations under the US Exchange Act. The ADR program represents approximately 0.5% of the Company’s total share capital, following the capital increase carried out in connection with the Company’s restructuring in November 2012. Full Article
Torm A/S Proposes No FY 2012 Dividend; Issues FY 2013 Earnings Guidance in Line with Analysts' Estimates
Torm A/S announced that its Board of Directors proposes that no dividend be distributed for fiscal year 2012. This is unchanged from fiscal year 2011. The Company also announced that it expects to report fiscal year 2013 loss before tax in a range of between USD 100 million and USD 150 million potential vessel sales and impairment charges. In addition, the Company expects to be operational cash flow positive after interest payment. According to I/B/E/S estimates, analysts on average are expecting the Company to report fiscal year 2013 pre-tax loss of USD 98.75 million and fiscal year 2013 operational cash flow (EBITDA) of USD 83.40 million. Full Article
Torm A/S Progresses with Sale of Five Vessels and Downgrades FY 2012 Financial Guidance
Torm A/S announced that one bank group has exercised an option to initiate a TORM-led sales process for five vessels. As the process is progressing and is expected to be concluded in 2013, TORM will classify these vessels as assets held for sale in the 2012 financial statements. This will cause a USD 74 million impairment loss. As a consequence of the USD 74 million impairment loss from assets held for sale, TORM has decided to revise its financial forecast for the fiscal year 2012 from an expected loss before tax of USD 500-530 million to an expected loss before tax of approximately USD 579 million. According to I/B/E/S Estimates, analysts on average are expecting the Company to report pre-tax loss of USD 304.75 million for the fiscal year 2012. Full Article
Torm A/S Appoints Fleming Ipsen as New Chairman
Torm A/S announced that at a meeting following the Company's Extraordinary General Meeting on January 9, 2013, the Board elected Mr. Fleming Ipsen as the new Chairman of the Company's Board. Full Article
Torm A/S's Chairman and Board of Directors to Resign
Torm A/S announced that the Company's Chairman, Mr. N.E. Nielsen, Deputy Chairman, Mr. Christian Frigast, and Member, Mr. Jesper Jarlbaek, have notified the Company that they relinquish their mandates as Members of the Board of Directors at the Extraordinary General Meeting. Mr. Olivier Dubois, Mr. Alexander Green, Mr. Flemming Ipsen and Mr. Jon Syvertsen have all been proposed to be elected as new Members of the Board of Directors. Full Article
UPDATE 1-Denmark's Torm sees lower loss this year
* Shares fall 3.1 percent (Adds comment, background, details)
Earnings vs. 
Estimates
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